26 USC 6039H - Information with respect to Alaska Native Settlement Trusts and Native Corporations

U.S Code last checked for updates: May 06, 2024

§ 6039H.

Information with respect to Alaska Native Settlement Trusts and Native Corporations

(a)

Requirement

(b)

Application with other requirements

(c)

Required information

The information required under this subsection shall include—

(1)

the amount of distributions made during the taxable year to each beneficiary,

(2)

the treatment of such distribution under the applicable provision of section 646, including the amount that is excludable from the recipient beneficiary’s gross income under section 646, and

(3)

the amount (if any) of any distribution during such year that is deemed to have been made by the sponsoring Native Corporation (as defined in section 646(h)(5)).

(d)

Sponsoring Native Corporation

(1)

In general

(2)

Distributees

(e)

Deductible contributions by Native Corporations to Alaska Native Settlement Trusts

(1)

In general

(2)

Content of statement

The statement described in paragraph (1) shall include—

(A)

the total amount of contributions to which the election under subsection (e) of section 247 applies,

(B)

for each contribution, whether such contribution was in cash,

(C)

for each contribution which consists of property other than cash, the date that such property was acquired by the Native Corporation and the adjusted basis and fair market value of such property on the date such property was contributed to the Settlement Trust,

(D)

the date on which each contribution was made to the Settlement Trust, and

(E)

such information as the Secretary determines to be necessary or appropriate for the identification of each contribution and the accurate inclusion of income relating to such contributions by the Settlement Trust.

(Added Pub. L. 107–16, title VI, § 671(b), June 7, 2001, 115 Stat. 147; amended Pub. L. 115–97, title I, § 13821(c)(1), Dec. 22, 2017, 131 Stat. 2181.)

cite as: 26 USC 6039H