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.

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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Question

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.

(D) A farmer can elect to report the loan amount in the year the proceeds are received.

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