Sec. 2. Exclusion for ANCSA payments assigned to Alaska Native Settlement Trusts
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Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section: In the case of a Native Corporation, gross income shall not include the value of any payments that would otherwise be made, or treated as being made, to such Native Corporation pursuant to, or as required by, any provision of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1601 et seq.), including any payment that would otherwise be made to a Village Corporation pursuant to section 7(j) of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1606(j) ), provided that any such payments— are assigned in writing to a Settlement Trust, and were not received by such Native Corporation prior to the assignment described in paragraph (1).
In the case of a Settlement Trust which has been assigned payments described in subsection (a), gross income shall include such payments as and when such payments are received by such Settlement Trust pursuant to the assignment and shall have the same character as if such payments were received by the Native Corporation. The amount and scope of any assignment under subsection
(a)shall be described with reasonable particularity and may either be in a percentage of one or more such payments or in a fixed dollar amount. Any assignment under subsection
(a)shall specify— a duration either in perpetuity or for a period of time, and whether such assignment is revocable. Notwithstanding section 250, no deduction shall be allowed to a Native Corporation for purposes of any amounts described in subsection (a). For purposes of this section, the terms Native Corporation and Settlement Trust have the same meaning given such terms under section 646(h). . The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting before the item relating to section 140 the following new item: Sec. 139G. Assignments to Alaska Native Settlement Trusts. . The amendments made by this section shall apply to taxable years beginning after December 31, 2016.
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Sec. 2
Exclusion for ANCSA payments assigned to Alaska Native Settlement Trusts
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