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U.S. Code as of:
01/19/04
Section 677p. Tax exemption; exceptions and time limits; valuation for income tax on gains or losses
No distribution of the assets made under the provisions of this
subchapter shall be subject to any Federal or State income tax:
Provided, That so much of any cash distribution made hereinunder as
consists of a share of any interest earned on funds deposited in
the Treasury of the United States shall not by virtue of this
subchapter be exempt from individual income tax in the hands of the
recipients for the year in which paid. Property distributed to the
mixed-blood group pursuant to the terms of this subchapter shall be
exempt from property taxes for a period of seven years from August
27, 1954, unless the original distributee parts with title thereto,
either by deed, descent, succession, foreclosure of mortgage,
sheriff's sale or other conveyance: Provided, That the mortgaging,
hypothecation, granting of a right-of-way, or other similar
encumbrance of said property shall not be construed as a conveyance
subjecting said property to taxation under the provisions of this
section. After seven years from August 27, 1954, all property
distributed to the mixed-blood members of the tribe under the
provisions of this subchapter, and all 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; except that any corporation organized by the
mixed-blood members for the purpose of aiding in the joint
management with the tribe and in the distribution of unadjudicated
or unliquidated claims against the United States, all gas, oil, and
mineral rights of every kind, and all other assets not susceptible
to equitable and practicable distribution shall not be subject to
corporate income taxes. Any valuation for purposes of Federal
income tax on gains or losses shall take as the basis of the
particular taxpayer the value of the property on the date title is
transferred by the United States pursuant to this subchapter.
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