Which of the statements below, regarding the tax reporting requirements applicable to Commodity Credit Corporation $($CCC$)$ loans, is correct?

A farmer can elect each year whether or not to report loan proceeds when received.

A farmer can elect to report the loan amount in the year the proceeds are received.

A farmer cannot request income tax withholding from CCC loan payments received.

A CCC loan amount is normally taxable in the year the pledged commodity is purchased