Internal Revenue Code:Sec. 6039H. Information with respect to Alaska Native Settlement Trusts and sponsoring Native Corporations

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart A - Information Concerning Persons Subject to Special
                Provisions
         

Statute

    Sec. 6039H. Information with respect to Alaska Native Settlement
        Trusts and sponsoring Native Corporations
 
    (a) Requirement
      The fiduciary of an electing Settlement Trust (as defined in
    section 646(h)(1)) shall include with the return of income of the
    trust a statement containing the information required under
    subsection (c).
    (b) Application with other requirements
      The filing of any statement under this section shall be in lieu
    of the reporting requirements under section 6034A to furnish any
    statement to a beneficiary regarding amounts distributed to such
    beneficiary (and such other reporting rules as the Secretary deems
    appropriate).
    (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
        The electing Settlement Trust shall, on or before the date on
      which the statement under subsection (a) is required to be filed,
      furnish such statement to the sponsoring Native Corporation (as
      so defined).
      (2) Distributees
        The sponsoring Native Corporation shall furnish each recipient
      of a distribution described in section 646(e)(3) a statement
      containing the amount deemed to have been distributed to such
      recipient by such corporation for the taxable year.
 

Sources

    (Added Pub. L. 107-16, title VI, Sec. 671(b), June 7, 2001, 115
    Stat. 147.)
 

Amendment of Section

                           TERMINATION OF SECTION
        For termination of section by section 901 of Pub. L. 107-16,
      see Effective and Termination Dates note below.
 

Miscellaneous

                      EFFECTIVE AND TERMINATION DATES
      Section applicable to taxable years ending after June 7, 2001,
    and to contributions made to electing Settlement Trusts for such
    year or any subsequent year, see section 671(d) of Pub. L. 107-16,
    set out as a note under section 646 of this title.
      Section inapplicable to taxable, plan, or limitation years
    beginning after Dec. 31, 2010, and the Internal Revenue Code of
    1986 to be applied and administered to such years as if it had
    never been enacted, see section 901 of Pub. L. 107-16, set out as
    an Effective and Termination Dates of 2001 Amendment note under
    section 1 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in section 646 of this title.