25 USC 978: Taxes; initial exemption; taxes following distribution; valuation for capital gains or losses
Text contains those laws in effect on January 15, 2013
From Title 25-INDIANSCHAPTER 14-MISCELLANEOUSSUBCHAPTER XLVI-PONCA TRIBE OF NEBRASKA: TERMINATION OF FEDERAL SUPERVISION
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§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.