§1620 Taxation

1992—Subsec. (j). Pub. L. 102–415 struck out “prior to

December 18, 1991,” after “A real property interest distributed” and substituted “Provided, That alienability of the Settlement Common Stock of the Corporation has not been terminated pursuant to section 1629c of this title: Provided further, That” for “Provided, That”. 1988—Subsec. (a). Pub. L. 100–241, § 12(b)(1), inserted “(even if the Regional Corporation or Village Corporation distributing the dividend has not segregated revenue received from the Alaska Native Fund from revenue received from other sources)” after “distributions”. Subsec. (j). Pub. L. 100–241, § 12(b)(2), (3), substituted “Native Corporation” for “Village Corporation” in two places and “That if the shareholder receiving the homesite subdivides such homesite, he or she shall pay all Federal, State, and local taxes that would have been incurred but for this subsection together with simple interest at 6 per centum per annum calculated from the date of receipt of the homesite, including taxes or assessments for the provision of road access and water and sewage facilities by the conveying corporation or the shareholder.” for “That the shareholder receiving the homesite, if the shareholder subdivides the land received, shall pay all Federal, State, and local taxes which would have been incurred but for this subsection, together with simple interest at six percent per annum calculated from the date of receipt of the land to be paid to the appropriate taxing authority.” 1986—Subsecs. (c), (i). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text. 1980—Subsec. (c). Pub. L. 96–487, § 1408, inserted provision requiring that fair value of such land or interest in land at time of receipt be adjusted as provided in section 1016 of title 26 and proviso defining the basis of any such land attributable to an interest in a mine, well, other natural deposit, or block of timber. Subsec. (d). Pub. L. 96–487, § 904, designated existing provision as par. (1), substituted “Regional Corporation or corporation established pursuant to section 1613(h)(3) of this title” for “Regional Corporation”, “third parties or which are used solely for the purposes of exploration shall” for “third parties shall”, “from the vesting of title pursuant to the Alaska National Interest Lands Conservation Act or the date of issuance of an interim conveyance or patent, whichever is earlier, for those interests to such individual, group, or corporation” for “after

December 18, 1971”, and “any portion of such interest” for “leased or developed real property” and inserted “which is leased or developed for purposes other than exploration for so long as such portion is leased or being developed” after “laws of the State”, and added par. (2). Subsec. (e). Pub. L. 96–487, § 1409, substituted “Native Group, corporation organized under section 1613(h)(3) of this title, or Village” for “Native Group, or Village”, “(64 Stat. 967, 1100). So long as there are no substantial” for “(64 Stat. 967, 1100), and so long as there are also no substantial”, and “such lands they shall continue to receive wildland fire” for “such lands, continue to receive forest fire”. Subsec. (j). Pub. L. 96–487, § 1407, added subsec. (j). 1978—Subsecs. (g) to (i). Pub. L. 95–600 added subsecs. (g) to (i). 1976—Subsec. (f). Pub. L. 94–204 added subsec. (f).