IRS Finally Requires Information Reporting for Commodity Certificate Gains

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2007-08-03
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Harl, Neil
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The long-running controversy over whether commodity certificate gains should be the subject of information reporting1 was resolved on July 24, 2007, with issuance of Notice 2007-63.2 That move by the Internal Revenue Service placed all four methods of paying marketing loan benefits (loan deficiency payments, Commodity Credit Corporation (CCC) loans repaid with cash, CCC loans repaid with generic commodity certificates and forfeiture of commodities to CCC under non-recourse loans) under the federal commodity subsidy program3 on the same footing insofar as information reporting is concerned.4

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