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U.S. Code as of:
01/19/04
Section 978. 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 any Federal or
State income tax. Following any distribution of property made under
the provisions of this subchapter, such property and income derived
therefrom by the distributee 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
grantee.
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