What is the most elegant way to put each line of text (from the text file) into LinkedList (as String object) or some other collection, using Commons or Guava libraries.
You can use Guava:
Files.readLines(new File("myfile.txt"), Charsets.UTF_8);
Or apache commons io:
FileUtils.readLines(new File("myfile.txt"));
I'd say both are equally elegant.
Depending on your exact use, assuming the "default encoding" might be a good idea or not. Either way, personally I find it good that the Guava API makes it clear that you're making an assumption about the encoding of the file.
Update: Java 7 now has this built in: Files.readAllLines(Path path, Charset cs). And there too you have to specify the charset explicitly.