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U.S. Code as of:
01/19/04
Section 564j. Taxes; initial exemption; taxes following distribution; valuation for capital gains or losses
No property distributed under the provisions of this subchapter
shall at the time of distribution be subject to Federal or State
income tax. Following any distribution of property made under the
provisions of this subchapter, such property and any income derived
therefrom by the individual, corporation, or other legal entity
shall be subject to the same taxes, State and Federal, as in the
case of non-Indians: Provided, That, for the purpose of capital
gains or losses the base value of the property shall be the value
of the property when distributed to the individual, corporation or
other legal entity.
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