Farmer Curly took a CCC marketing loan with an interest rate of 3% on December 1st, 2021. The CCC loan was on 10,000 bushels of soybeans for $5.50. He repaid this CCC loan on March 1st, 2022, when the posted county price was $4.00/bu. Curly sold the 10,000 Bu of soybeans for $5.75/bu.

If the CCC Loan was treated as income in 2021, what would the net taxable income generated in 2021 be?

If the CCC Loan was treated as a loan in 2021, what would be the nt taxable income generate