Skip to content
ChatProjectCodes

Rev. Proc. 2022-14

SECTION 2. COMMODITY CREDIT LOANS (§ 77)

Internal Revenue Bulletin 2022-7 · 2026-10-03 edition · updated 2026-10-04 · United States

.01 Treating amounts received as loans .

(1) Description of change . This change applies to a taxpayer that wants to change its method of accounting for loans received from the Commodity Credit Corporation from including the loan amount in gross income for the taxable year in which each loan is received to treating each loan amount as a loan.

(2) Certain eligibility rule inapplicable . The eligibility rule in section 5.01(1)(f) of Rev. Proc. 2015-13, 2015-5 I.R.B. 419, does not apply to this change.

Bulletin No. 2022–7 507 February 14, 2022

(3) Manner of making change . This change is made on a cut-off basis and applies only to loans received from the Commodity Credit Corporation on or after the beginning of the year of change. Accordingly, a § 481(a) adjustment is neither permitted nor required.

(4) Designated automatic accounting method change number . The designated automatic accounting method change number for a change under this section 2.01 is “1.”

(5) Contact information . For further information regarding a change under this section, contact William Ruane at (202) 317-4718 (not a toll-free number).

Get a plain-English answer with a citation back to this text.

Ask AI about this code
Export this section
▸Contents — Internal Revenue Bulletin 2022-7
Internal Revenue Bulletin 2022-7

GoCodebook provides public access, search, citation, multilingual explanation, and practical interpretation of legally adopted building regulations. It is not a substitute for the official ICC or California code publications.