Farmer Cohmer sells livestock and crops. Which of the following statements is true? A.Even though Farmer Cohmer pledged crop production Corporation loan, he must report the loan proceeds in the year the crop is sold. order to receive a Commodity Credit B.If Farmer Cohmer is forced to sell livestock due to drought conditions in a designated drought area, he may be able to elect to recognize income from the sale in the year after the sale. C.If Farmer Cohmer receives crop insurance proceeds due to a damaged crop, he must report the proceeds in the year he receives them. D.If Farmer Cohmer receives patronage dividends from a farm cooperative, he can expect to receive a Form 1099-DIV reporting the patronage dividends paid to him.

Farmer Cohmer sells livestock and crops. Which of the following statements is true? A. Even though Farmer Cohmer pledged crop production in order to receive a Commodity Credit Corporation loan, he must report the loan proceeds in the year the crop is sold. B. If Farmer Cohmer is forced to sell livestock due to drought conditions in a designated drought area, he may be able to elect to recognize income from the sale in the year after the sale. C. If Farmer Cohmer receives crop insurance proceeds due to a damaged crop, he must report the proceeds in the year he receives them. D. If Farmer Cohmer receives patronage dividends from a farm cooperative, he can expect to receive a Form 1099-DIV reporting the patronage dividends paid to him