Sec. 1408. basis in the land

247 words·~1 min read·/statute-compilations/comps-209/sec-1408

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## Sec. 1408 basis in the land Section 21(c) of the Alaska Native Claims Settlement Act is amended to read as follows: > > ### “(c) > > The receipt of land or any interest therein pursuant to this Act or of such cash in order to equalize the values of properties exchanged pursuant to subsection 22(f) shall not be subject to any form of Federal, State, or local taxation. The basis for determining gain or loss from the sale or other disposition of such land or interest in land for purposes of any Federal, State or local tax imposed on or measured by income shall be the fair value of such land or interest in land at the time of receipt, adjusted as provided in section 1016 of the Internal Revenue Code of 1954, a amended: *Provided, however,* That the basis of any such land or interest therein attributable to an interest in a mine, well, other natural deposit, or block of timber shall be not less than the fair value of such mine, well, natural deposit, or block of timber (or such interest therein as the Secretary shall convey) at the time of the first commercial development thereof, adjusted as provided in section 1016 of such Code.

For purposes of this subsection, the time of receipt of land or any interest therein shall be the time of the conveyance by the Secretary of such land or interest (whether by interim conveyance or patent).” > .