The announcement in 20021 that elections involving Commodity Credit Corporation2 loans were retroactively made subject to the automatic consent procedures (with the list of situations where the automatic consent procedure is not applicable waived),3 has opened up new options for handling the death of a taxpayer.4 One of the important aspects involves the issue of income tax basis for commodities that are subject to a CCC election to treat CCC loans as income with that election in effect at the time of death, whether that election is likely to produce the best possible result for the taxpayer and whether it is possible to make a new election effective for the year of death.



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