,,ii  #aae? ,,congress  #a/ ,session    
,s4 #afih  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #a1 #bjag,ms4   
,murk[ski 7= h]self & ,mr4 ,sullivan7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to cl>ify !       
treatm5t ( contributions to ,alaska     
,native ,settlem5t ,tru/s1 & = o!r      
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,settlem5t ,tru/           
,improvem5t ,act ( #bjag4  #b4          
,exclusion = ,,ancsa paym5ts assign$ to 
,alaska ,native ,settlem5t ,tru/s  7a7  
,9 g5]al ,"p ,,iii ( sub*apt] ,b ( *apt]
 #a ( ! ,int]nal ,rev5ue ,code ( #aihf  
is am5d$ by ins]t+ be=e section #adj !  
foll[+ new section3  #aci;,g4           
,assignm5ts to ,alaska ,native          
,settlem5t ,tru/s  7a7 ,9 g5]al ,9 !    
case ( a ,native ,corporation1 gross    
income %all n include ! value ( any     
paym5ts t w\ld o!rwise be made1 or      
treat$ z be+ made1 to su* ,native       

,corporation pursuant to1 or z requir$  
by1 any provision ( ! ,alaska ,native   
,claims ,settlem5t ,act 7#dc ,u4,s4,c4  
#afja et seq471 includ+ any paym5t t    
w\ld o!rwise be made to a ,village      
,corporation pursuant to section #g7;j7 
( ! ,alaska ,native ,claims ,settlem5t  
,act 7#dc ,u4,s4,c4 #afjf7;j771 provid$ 
t any su* paym5ts--  7#a7 are assign$ 9 
writ+ to a ,settlem5t ,tru/1 &  7#b7 7 n
 receiv$ by su* ,native ,corporation    
prior to ! assignm5t describ$ 9 p>agraph
 7#a74  7b7 ,inclusion 9 gross income ,9
 ! case ( a ,settlem5t ,tru/ :i* has be5
 assign$ paym5ts describ$ 9 subsection  
7a71 gross income %all include su*      
paym5ts z & :5 su* paym5ts are receiv$  
by su* ,settlem5t ,tru/ pursuant to !   
assignm5t & %all h ! same "* z if su*   
paym5ts 7 receiv$ by ! ,native          
,corporation4  7c7 ,am\nt & scope (     
assignm5t ,! am\nt & scope ( any        
assignm5t "u subsection 7a7 %all be     
describ$ ) reasonable p>ticul>ity & may 
ei!r be 9 a p]c5tage ( "o or m su*      

paym5ts or 9 a fix$ doll> am\nt4  7d7   
,duration ( assignm5t2 revocability ,any
 assignm5t "u subsection 7a7 %all       
specify-- 7#a7 a duration ei!r 9        
p]petuity or = a p]iod ( "t1 &  7#b7    
:e!r su* assignm5t is revocable4  7e7   
,prohibition on d$uction ,not)/&+       
section #bej1 no d$uction %all be all[$ 
to a ,native ,corporation = purposes (  
any am\nts describ$ 9 subsection 7a74   
7f7 ,def9itions ,= purposes ( ?is       
section1 ! t]ms ,native ,corporation &  
,settlem5t ,tru/ h ! same mean+ giv5 su*
 t]ms "u section #fdf7;h74  4  7b7      
,con=m+ am5dm5t ,! table ( sections = "p
 ,,iii ( sub*apt] ,b ( *apt] #a ( su*   
,code is am5d$ by ins]t+ be=e ! item    
relat+ to section #adj ! foll[+ new     
item3  ,sec4 #aci;,g4 ,assignm5ts to    
,alaska ,native ,settlem5t ,tru/s4  4   
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjaf4  #c4   
,d$uction ( contributions to ,alaska    
,native ,settlem5t ,tru/s  7a7 ,9 g5]al 

,"p ,,viii ( sub*apt] ,b ( *apt] #a ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#bej4 ,contributions to ,alaska ,native 
,settlem5t ,tru/s  7a7 ,9 g5]al ,9 !    
case ( a ,native ,corporation1 !re %all 
be all[$ a d$uction = any contributions 
made by su* ,native ,corporation to a   
,settlem5t ,tru/ 7reg>dless ( :e!r an   
election "u section #fdf is 9 effect =  
su* ,settlem5t ,tru/7 = :i* ! ,native   
,corporation has made an annual election
 "u subsection 7e74  7b7 ,am\nt (       
d$uction ,! am\nt ( ! d$uction "u       
subsection 7a7 %all be equal to-- 7#a7 9
 ! case ( a ca% contribution 7reg>dless 
( ! me?od ( paym5t1 includ+ curr5cy1    
co9s1 money ord]1 or *eck71 ! am\nt (   
su* contribution1 or  7#b7 9 ! case ( a 
contribution n describ$ 9 p>agraph 7#a71
 ! ,native ,corporation's adju/$ basis 9
 ! prop]ty contribut$4  7c7 ,limitation 
& c>ryov]  7#a7 ,9 g5]al ,subject to    
p>agraph 7#b71 ! d$uction all[$ "u      
subsection 7a7 = any taxable ye> %all n 

exce$ ! taxable income ( ! ,native      
,corporation = ! taxable ye> 9 :i* !    
contribution 0 made4  7#b7 ,c>ryov] ,if 
! aggregate am\nt ( contributions       
describ$ 9 subsection 7a7 = any taxable 
ye> exce$s ! limitation "u p>agraph     
7#a71 su* excess %all be treat$ z a     
contribution describ$ 9 subsection 7a7 9
 ea* ( ! #ae succe$+ ye>s 9 ord] ( "t4  
7d7 ,def9itions ,= purposes ( ?is       
section1 ! t]ms ,native ,corporation &  
,settlem5t ,tru/ h ! same mean+ giv5 su*
 t]ms "u section #fdf7;h74  7e7 ,mann] (
 mak+ election  7#a7 ,9 g5]al ,= ea*    
taxable ye>1 a ,native ,corporation may 
elect to h ?is section apply = su*      
taxable ye> on ! income tax return or   
am5d$ income tax return ( ! ,native     
,corporation1 ) su* election to h effect
 solely = su* taxable ye>4  7#b7        
,revocation ,any election made by a     
,native ,corporation pursuant to ?is    
subsection may be revok$ pursuant to an 
am5d$ income tax return :i* has be5     
timely fil$ by su* ,native ,corporation4

  7f7 ,additional rules  7#a7 ,e>n+s &  
pr(its ,not)/&+ section #fdf7;d77#b71 9 
! case ( a ,native ,corporation :i*     
claims a d$uction "u ?is section = any  
taxable ye>1 ! e>n+s & pr(its ( su*     
,native ,corporation = su* taxable ye>  
%all be r$uc$ by ! am\nt ( su* d$uction4
  7#b7 ,ga9 or loss ,no ga9 or loss %all
 be recogniz$ by ! ,native ,corporation 
) respect to a contribution ( prop]ty = 
:i* a d$uction is all[$ "u ?is section4 
7#c7 ,income ,subject to subsection 7g71
 a ,settlem5t ,tru/ %all report income 9
 ! am\nt ( any d$uction all[$ "u ?is    
section 9 ! taxable ye> 9 :i* !         
,settlem5t ,tru/ actually receives su*  
contribution4  7#d7 ,p]iod ,9 det]m9+ ! 
p]iod t a ,settlem5t ,tru/ has held     
prop]ty = :i* a d$uction is all[$ "u ?is
 section1 ! p]iod ! ,native ,corporation
 has held su* prop]ty %all be includ$4  
7#e7 ,basis ,! basis t a ,settlem5t     
,tru/ has = :i* a d$uction is all[$ "u  
?is section %all be equal to ! adju/$   
basis ( ! ,native ,corporation 9 su*    

prop]ty imm$iately be=e su*             
contribution4  7#f7 ,prohibition ,no    
d$uction %all be all[$ "u ?is section ) 
respect to any contributions made to a  
,settlem5t ,tru/ :i* are 9 violation (  
subsection 7a77#b7 or 7c77#b7 ( section 
#ci ( ! ,alaska ,native ,claims         
,settlem5t ,act 7#dc ,u4,s4,c4 #afbi;e74
  7g7 ,election by ,settlem5t ,tru/ ,to 
,def] ,income ,recognition  7#a7 ,9     
g5]al ,9 ! case ( a contribution :i*    
consi/s ( prop]ty o!r ?an ca%1 a        
,settlem5t ,tru/ may elect to def]      
recognition ( any income relat$ to su*  
prop]ty until ! sale or ex*ange ( su*   
prop]ty1 9 :ole or 9 "p1 by ! ,settlem5t
 ,tru/4  7#b7 ,treatm5t ,9 ! case (     
prop]ty describ$ 9 p>agraph 7#a71 any   
income or ga9 receiv$ by ! ,settlem5t   
,tru/ ^u sale or ex*ange ( su* prop]ty  
%all be treat$ z--  7,a7 = su* am\nt ( !
 income or ga9 z is equal to or less ?an
 ! am\nt ( income def]r$ pursuant to ?is
 subsection1 ord9>y income1 &  7,b7 =   
any am\nts ( ! income or ga9 :i* are 9  

excess ( ! am\nt ( income def]r$        
pursuant to ?is subsection1 hav+ ! same 
"* z if ?is subsection did n apply4     
7#c7 ,election  7,a7 ,9 g5]al ,= ea*    
taxable ye>1 a ,settlem5t ,tru/ may     
elect to apply ?is subsection = any     
prop]ty describ$ 9 p>agraph 7#a7 :i* 0  
contribut$ dur+ su* ye>4 ,any prop]ty to
 :i* ! election applies %all be id5tifi$
 & describ$ ) reasonable p>ticul>ity on 
! income tax return or am5d$ income tax 
return ( ! ,settlem5t ,tru/1 ) su*      
election to h effect solely = su*       
taxable ye>4  7,b7 ,revocation ,any     
election made by a ,settlem5t ,tru/     
pursuant to ?is subsection may be revok$
 pursuant to an am5d$ income tax return 
:i* has be5 timely fil$ by su*          
,settlem5t ,tru/4  7,c7 ,c]ta9          
dispositions  7i7 ,9 g5]al ,9 ! case (  
any prop]ty = :i* an election is 9      
effect "u ?is subsection & :i* is       
dispos$ ( )9 ! fir/ taxable ye>         
subsequ5t to ! taxable ye> 9 :i* su*    
prop]ty 0 contribut$ to ! ,settlem5t    

,tru/--  7,i7 su* election %all be void$
 z to su* prop]ty1  7,,ii7 ! ,settlem5t 
,tru/ %all be requir$ to file an am5d$  
return = ! taxable ye> 9 :i* su* prop]ty
 0 contribut$1 &  7,,iii7 ! ,settlem5t  
,tru/ %all pay any tax applicable to su*
 prop]ty1 includ+ int]e/ & a p5alty     
equal to #aj p]c5t ( ! am\nt ( su* tax4 
7ii7 ,assessm5t ,not)/&+ section        
#feja7;a71 any am\nt describ$ 9         
subclause 7,,iii7 ( clause 7i7 may be   
assess$1 or a proce$+ 9 c\rt ) respect  
to su* am\nt may be initiat$ )\t        
assessm5t1 )9 #d ye>s aft] ! date on :i*
 ! return mak+ ! election "u ?is        
subsection = su* prop]ty 0 fil$4  4  7b7
 ,con=m+ am5dm5t ,! table ( sections =  
"p ,,viii ( sub*apt] ,b ( *apt] #a ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new item3     
,sec4 #bej4 ,contributions to ,alaska   
,native ,settlem5t ,tru/s4  4  7c7      
,p]missive ,am5dm5ts to ,tru/ ,agreem5ts
 ,e/abli%+ ,settlem5t ,tru/s  7#a7 ,9   
g5]al ,not)/&+ any provision ( law1     

includ+ any provision ( ! ,alaska       
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afja et seq471 ,alaska ,/ate 
law1 or ! t]ms ( any tru/ agreem5t ( a  
,settlem5t ,tru/ 7z def9$ "u section    
#c7t7 ( ! ,alaska ,native ,claims       
,settlem5t ,act 7#dc ,u4,s4,c4          
#afjb7t7771 ! t]ms ( any tru/ agreem5t (
 a ,settlem5t ,tru/ may1 )9 ! #a-ye>    
p]iod foll[+ ! date ( ! enactm5t ( ?is  
,act1 be am5d$ z necess>y to all[ su*   
,tru/ to make an election describ$ 9    
subsection 7g7 ( section #bej ( !       
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by subsection 7a774  7#b7 ,am5dm5t ,an  
am5dm5t describ$ 9 p>agraph 7#a7 %all be
 enact$ pursuant to "o or m agreem5ts   
betwe5 ! ,native ,corporation t e/abli%$
 ! ,settlem5t ,tru/ & ! tru/ees ( su*   
,tru/ & %all n require any vote by !    
b5efici>ies ( su* ,tru/ or ! %>ehold]s (
 su* ,native ,corporation4  7#c7        
,regi/ration /atem5t ,any ,settlem5t    
,tru/ :i* 0 regi/]$ 9 accordance )      
,alaska ,/ate law prior to ! date ( !   

enactm5t ( an am5dm5t describ$ 9        
p>agraph 7#a7 %all n be requir$ to file 
a new or am5d$ regi/ration /atem5t to   
reflect su* am5dm5t4  7d7 ,effective    
date  7#a7 ,9 g5]al ,! am5dm5ts made by 
?is section %all apply to taxable ye>s =
 :i* ! p]iod ( limitation on refund or  
cr$it "u section #feaa ( ! ,int]nal     
,rev5ue ,code ( #aihf has n expir$4     
7#b7 ,"o-ye> waiv] ( /atute (           
limitations ,if ! p]iod ( limitation on 
a cr$it or refund result+ f ! am5dm5ts  
made by subsection 7a7 expires be=e !   
end ( ! #a-ye> p]iod beg9n+ on ! date ( 
! enactm5t ( ?is ,act1 refund or cr$it (
 su* ov]paym5t 7to ! ext5t attributable 
to su* am5dm5ts7 may1 nev]!less1 be made
 or all[$ if claim !re= is fil$ be=e !  
close ( su* #a-ye> p]iod4  #d4          
,in=mation report+ = d$uctible          
contributions to ,alaska ,native        
,settlem5t ,tru/s  7a7 ,9 g5]al ,section
 #fjci;,h ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$-- 7#a7 9 ! head+1 by     
/rik+ sponsor+1 &  7#b7 by add+ at ! end

 ! foll[+ new subsection3  7e7          
,d$uctible contributions by ,native     
,corporations to ,alaska ,native        
,settlem5t ,tru/s  7#a7 ,9 g5]al ,any   
,native ,corporation 7z def9$ 9         
subsection 7m7 ( section #c ( ! ,alaska 
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afjb7m777 :i* has made a     
contribution to a ,settlem5t ,tru/ 7z   
def9$ 9 subsection 7t7 ( su* section7 to
 :i* an election "u subsection 7e7 (    
section #bej applies %all provide su*   
,settlem5t ,tru/ ) a /atem5t reg>d+ su* 
election n lat] ?an ,janu>y #ca ( !     
cal5d> ye> subsequ5t to ! cal5d> ye> 9  
:i* ! contribution 0 made4  7#b7 ,cont5t
 ( ,/atem5t ,! /atem5t describ$ 9       
p>agraph 7#a7 %all include-- 7,a7 !     
total am\nt ( contributions to :i* !    
election "u subsection 7e7 ( section    
#bej applies1  7,b7 = ea* contribution1 
:e!r su* contribution 0 9 ca%1  7,c7 =  
ea* contribution :i* consi/s ( prop]ty  
o!r ?an ca%1 ! date t su* prop]ty 0     
acquir$ by ! ,native ,corporation & !   

adju/$ basis ( su* prop]ty on ! date su*
 prop]ty 0 contribut$ to ! ,settlem5t   
,tru/1  7,d7 ! date on :i* ea*          
contribution 0 made to ! ,settlem5t     
,tru/1 &  7,e7 su* in=mation z !        
,secret>y det]m9es to be necess>y or    
appropriate = ! id5tification ( ea*     
contribution & ! accurate report+ (     
income relat+ to su* contributions by ! 
,settlem5t ,tru/4  4  7b7 ,con=m+       
am5dm5t ,! item relat+ to section       
#fjci;,h 9 ! table ( sections = subp>t  
,a ( "p ,,iii ( sub*apt] ,a ( *apt] #fa 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ to read z foll[s3  ,sec4 #fjci;,h4
 ,in=mation ,) ,respect to ,alaska      
,native ,settlem5t ,tru/s & ,native     
,corporations4  4  7c7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjaf4  #e4 ,/atutory     
con/ruction ,?is ,act is rem$ial ,indian
 legislation enact$ "u ! pl5>y au?ority 
( ! ,congress "u ! ,con/itution ( !     
,unit$ ,/ates to regulate ,indian       

affairs1 & any ambiguities 9 section    
#aci;,f or #bej ( ! ,int]nal ,rev5ue    
,code ( #aihf1 z add$ by ?is ,act1 %all 
be resolv$ 9 favor ( ,native            
,corporations attempt+ to exclude income
 or claim a d$uction !reund]4