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

Summary

Electing Settlement Trust — a trust tied to Alaska Native settlement rules that chose special tax treatment. Sponsoring Native Corporation — the Native corporation connected to that trust. Native Corporation (ANCSA) — an Alaska Native Corporation as defined by the Alaska Native Claims Settlement Act. The person who manages an electing Settlement Trust must send a statement with the trust’s income tax return that lists what the trust paid each beneficiary during the taxable year, how each payment is treated for tax purposes (including how much the beneficiary can exclude from income), and any amounts treated as paid by the sponsoring Native Corporation. Sending this statement replaces the trust’s usual separate reporting to beneficiaries. The trust must also give the same statement to the sponsoring Native Corporation by the date the return and statement are filed. The sponsoring Native Corporation must give each recipient of certain distributions a statement showing the amount the corporation is treated as having paid that year. If a Native Corporation made deductible contributions to a Settlement Trust under the special election, it must give the trust a statement by January 31 of the year after the contribution. That statement must show the total contributing amount, whether each contribution was cash, for noncash property the date it was acquired plus its adjusted basis and fair market value when given, the date each contribution was made, and any other information the Secretary needs to identify the contributions and make sure the trust reports related income correctly.