Which of the statements below, regarding the tax reporting requirements applicable to Commodity Credit Corporation (CCC) loans, is NOT correct?   (A) A farmer can elect each year whether or not to report loan proceeds when received. (B) A farmer can request income tax withholding from CCC loan payments received. (C) A CCC loan amount is normally taxable in the year the pledged commodity is sold. (D) A farmer can elect to report the loan amount in the year the proceeds are received.

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Q: oose the correct answer

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