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

Summary

The fiduciary of an electing Settlement Trust must send a statement with the trust’s income tax return that gives certain details about distributions. Filing that statement takes the place of the usual beneficiary reporting under section 6034A. The statement must show (1) how much each beneficiary got during the tax year, (2) how each distribution is treated under section 646 and how much of it the beneficiary can exclude from gross income, and (3) any part of a distribution that is treated as having come from the sponsoring Native Corporation. The trust must also give that same statement to the sponsoring Native Corporation by the return filing date. The sponsoring Native Corporation must give each recipient a statement of the amount it is treated as having distributed to them. Any Native Corporation that made a contribution covered by the election under section 247(e) must give the trust a statement by January 31 of the year after the contribution. That statement must list the total contributions, say whether each was cash, for non-cash give the date acquired plus adjusted basis and fair market value on the contribution date, give the contribution dates, and include any other ID information the Secretary requires. Definitions (one line each): electing Settlement Trust — a trust that made the election under section 646(h)(1). Sponsoring Native Corporation — the Native corporation tied to the trust. Native Corporation and Settlement Trust — as defined in the Alaska Native Claims Settlement Act.