26 U.S.C. § 77
Section 77 · Commodity credit loans
Amended 2 times on record
Applied in 8 court decisions — leading case Thompson v. Commissioner (1962)
Most recently applied in Erickson v. United States (In Re Bentley) (October 1987)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and shall be included in gross income for the taxable year in which received.
If a taxpayer exercises the election provided for in subsection (a) for any taxable year, then the method of computing income so adopted shall be adhered to with respect to all subsequent taxable years unless with the approval of the Secretary a change to a different method is authorized.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1976—Subsec. (b). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.