§6039H Information with respect to Alaska Native Settlement Trusts and Native Corporations

Summary

The person running an electing Settlement Trust must attach a statement to the trust’s income tax return that gives certain details about distributions. This statement replaces the usual beneficiary reports required by section 6034A. It must show how much each beneficiary got during the year, how each distribution is treated under section 646 (including how much the beneficiary can exclude from income), and any amount treated as if it came from the sponsoring Native Corporation. The trust must also give the same statement to the sponsoring Native Corporation when it files. The sponsoring Native Corporation must give each recipient the statement showing the amount the corporation is treated as having distributed to them (see section 646(e)(3)). A Native Corporation that made a contribution to such a trust and used the election under section 247(e) must give the trust a written statement by January 31 of the year after the contribution. That statement must list the total contributions covered by the election, say for each whether it was cash, and for non-cash items give the date acquired, the contributor’s adjusted basis and fair market value on the contribution date, the date contributed, and any other information the Secretary needs to identify the contributions and include related income.