CORPORATION STATUTES

EXEMPTION FROM FEDERAL PROPERTY AND ADMINISTRATIVE SERVICES

ACT

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Act of June 30, 1949-SEC. 602.1 Nothing in this Act shall impair or affect any authority of- (2) any executive agency with respect to any phase (including, but not limited to, procurement, storage, transportation, processing, and disposal) of any program conducted for purposes of resale, price support, grants to farmers, stabilization, transfer to foreign governments, or foreign aid, relief, or rehabilitation: Provided, That the agency carrying out such program shall, to the maximum extent practicable, consistent with the fulfillment of the purposes of the program and the effective and efficient conduct of its business, coordinate its operations with the requirements of said chapters and the policies and regulations prescribed pursuant thereto; (40 U.S.C. 474.)

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TREATMENT OF COMMODITY CREDIT LOANS FOR INCOME TAX PURPOSES

INTERNAL REVENUE CODE OF 19542

SEC. 77. COMMODITY CREDIT LOANS

(a) ELECTION TO INCLUDE LOANS IN INCOME.-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.

(b) EFFECT OF ELECTION ON ADJUSTMENTS FOR SUBSEQUENT YEARS. -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 or his delegate a change to a different method is authorized. (26 U.Š.C. 77.)

SEC. 1016. ADJUSTMENTS TO BASIS

(a) GENERAL RULE.-Proper adjustment in respect of the property shall in all cases be made

(8) in the case of property pledged to the Commodity Credit Corporation, to the extent of the amount received as a loan from the Commodity Credit Corporation and treated by the taxpayer as income for the year in which received pursuant to section 77, and to the extent of any deficiency on such loan with respect to which the taxpayer has been relieved from liability; 1016.)

(26 U.S.C.

1 P.L. 81-152, 63 Stat. 401, June 3, 1949, as amended by P.L. 81-754, 64 Stat. 583, Sept. 5, 1950.

These provisions of the Internal Revenue Code are derived from the Act of June 29, 1939, P.L. 76-155, 58 Stat. 879.

INSURANCE OF COTTON AND RECONCENTRATION OF COTTON

[See section 383 of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1383 (a) and (b)) and the Act of June 16, 1938 (7 U.S.C. 1383a) p. 18-1.]

STIMULATION OF FOREIGN PRODUCTION

Taft Anti-Inflation Law-SEC. 7.3 Notwithstanding any other provision of law, in order to alleviate and prevent shortages in foods, agricultural commodities, and products thereof, Commodity Credit Corporation is authorized to carry out projects to stimulate and increase the production of foods, agricultural commodities and products thereof, in non-European foreign countries. Such projects may include procurement, the making of advances and price guaranties, the furnishing of technical information and assistance, the furnishing of seed, fertilizer, machinery, equipment, and other materials, and such other actions as are necessary or incident to the carrying out of such projects: Provided, That any such program is first submitted to Congress by the Secretary of Agriculture, and is not disapproved by concurent resolution of Congress within sixty days thereafter. (50 U.S.C. App. 1917.)

OTHER PRINCIPAL STATUTES HAVING APPLICABILITY TO COMMODITY CREDIT CORPORATION

Government Corporation Control Act, as amended (Dec. 6, 1945; 31 U.S.C. 841 et seq.).

Sections 217 and 1026 of the U.S. Criminal Code (June 25, 1948, 62 Stat. 696, 755; October 23, 1962, 76 Stat. 1125; 18 U.S.C. 217, 1026) providing penalties for acceptance of fees or knowingly making false statements in connection with cancellation of farm indebtedness.

Act of July 16, 1947, as amended (61 Stat. 308; 71 Stat. 464; 31 U.S.C. 132), requiring withdrawal of the amount of all checks, which have not been paid prior to the close of the fiscal year next following the fiscal year in which issued, from the account of designated depositories and deposit of the amount with the Treasurer of the United States for credit to a consolidated account.

Section 9(c) of the Act of August 2, 1946 (41 U.S.C. 5), providing that the bid procedure set out in section 3709, Revised Statutes as amended (41 U.S.C. 5), shall apply only to the administrative transactions of wholly owned Government corporations.

Independent Offices Appropriation Act, 1950 (Aug. 24, 1949, 63 Stat. 631, 662; 31 U.S.C. 870), authorizing corporations subject to the Government Corporation Control Act to consolidate into one or more accounts for banking and checking purposes all cash, including amount appropriated, from whatever source derived.

Sec. 1415 of the Supplemental Appropriation Act, 1953 (July 15, 1952, 66 Stat. 637, 662; 31 U.S.C. 724), utilization of foreign credits authorized in general appropriation acts.

Sec. 507 of General Government Matters, Department of Commerce, and Related Agencies Appropriation Act, 1962 (August 3, 1961, 75 Stat. 268, 283; 40 U.S.C. 33a), relating to purchase or construction of, or loans on, office buildings by government corporations.

3 P.L. 80-395, 61 Stat. 947, Dec. 30, 1947.

Small Business Act, as amended (15 U.S.C. 631 et seq.). Civil Rights Act of 1964 (July 2, 1964, 78 Stat. 241). Sec. 286b(b) (3) of Title 22, U.S.C., provides that the National Advisory Council on International Monetary and Financial Problems shall be consulted by Government agencies in the making of foreign loans or in engaging in foreign financial, exchange or monetary transactions. The Federal Financing Bank Act of 1973, P.L. 93-224, 87 Stat. 937, Dec. 29, 1973, provides for the approval by the Secretary of the Treasury of the marketing of obligations by any Federal agency.