US Code
PART III— ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME
§ 139G. Assignments to Alaska Native Settlement Trusts

(a) In generalIn the case of a Native Corporation, gross income shall not include the value of any payments that would otherwise be made, or treated as being made, to such Native Corporation pursuant to, or as required by, any provision of the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.), including any payment that would otherwise be made to a Village Corporation pursuant to section 7(j) of the Alaska Native Claims Settlement Act (43 U.S.C. 1606(j)), provided that any such payments—(1) are assigned in writing to a Settlement Trust, and
(2) were not received by such Native Corporation prior to the assignment described in paragraph (1).
(b) Inclusion in gross incomeIn the case of a Settlement Trust which has been assigned payments described in subsection (a), gross income shall include such payments when received by such Settlement Trust pursuant to the assignment and shall have the same character as if such payments were received by the Native Corporation.
(c) Amount and scope of assignmentThe amount and scope of any assignment under subsection (a) shall be described with reasonable particularity and may either be in a percentage of one or more such payments or in a fixed dollar amount.
(d) Duration of assignment; revocabilityAny assignment under subsection (a) shall specify—(1) a duration either in perpetuity or for a period of time, and
(2) whether such assignment is revocable.
(e) Prohibition on deductionNotwithstanding section 247, no deduction shall be allowed to a Native Corporation for purposes of any amounts described in subsection (a).
(f) DefinitionsFor purposes of this section, the terms “Native Corporation” and “Settlement Trust” have the same meaning given such terms under section 646(h).

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