§ 677p. — Tax exemption; exceptions and time limits; valuation for income tax on gains or losses.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC677p]
TITLE 25--INDIANS
CHAPTER 14--MISCELLANEOUS
SUBCHAPTER XXVIII--UTE INDIANS OF UTAH: DISTRIBUTION OF ASSETS BETWEEN
MIXED-BLOOD AND FULL-BLOOD MEMBERS; TERMINATION OF FEDERAL SUPERVISION
OVER PROPERTY OF MIXED-BLOOD MEMBERS
Sec. 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.
(Aug. 27, 1954, ch. 1009, Sec. 17, 68 Stat. 876; Aug. 2, 1956, ch. 880,
Sec. 3, 70 Stat. 936.)
Amendments
1956--Act Aug. 2, 1956, included within exception clause provisions
respecting exemption from corporate income taxes.
