I.R.C. § 139G(a) In General —
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—
I.R.C. § 139G(a)(2) —
were not received by such Native Corporation prior to the assignment described in
paragraph (1).
I.R.C. § 139G(b) Inclusion In Gross Income —
In the case of a Settlement Trust which has been assigned payments described in subsection
(a), gross income shall include such payments when 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.
I.R.C. § 139G(c) Amount And Scope Of Assignment —
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.
I.R.C. § 139G(d) Duration Of Assignment; Revocability —
Any assignment under subsection (a) shall specify—
I.R.C. § 139G(d)(1) —
a duration either in perpetuity or for a period of time, and
I.R.C. § 139G(d)(2) —
whether such assignment is revocable.
I.R.C. § 139G(e) Prohibition On Deduction —
Notwithstanding section 247, no deduction shall be allowed to a Native Corporation for purposes of any amounts
described in subsection (a).
I.R.C. § 139G(f) Definitions —
For purposes of this section, the terms “Native Corporation” and “Settlement Trust”
have the same meaning given such terms under section 646(h).
(Added by Pub. L. 115-97, Sec. 13821(a)(1), Dec. 22, 2017, 131 Stat. 2054.)
BACKGROUND NOTES
EFFECTIVE DATE
Effective for taxable years beginning after December 31, 2016.
