§ 564j. — Taxes; initial exemption; taxes following distribution; valuation for capital 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: 25USC564j]
TITLE 25--INDIANS
CHAPTER 14--MISCELLANEOUS
SUBCHAPTER XIII--KLAMATH TRIBE: TERMINATION OF FEDERAL SUPERVISION
Sec. 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.
(Aug. 13, 1954, ch. 732, Sec. 11, 68 Stat. 721.)
All Amounts Realized From Condemnation of Certain Forest Lands Held in
Trust
Pub. L. 94-81, Sec. 1, Aug. 9, 1975, 89 Stat. 417, as amended by
Pub. L. 96-596, Sec. 5(a), Dec. 24, 1980, 94 Stat. 3476; Pub. L. 99-514,
Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided: ``That, for purposes of
the Internal Revenue Code of 1986 [formerly I.R.C. 1954, Title 26,
Internal Revenue Code], all amounts realized by the trust from the
condemnation, pursuant to Public Law 93-102 [section 564w-2 of this
title], of the Klamath Indian forest lands held by the trustee for the
Klamath Indian Tribe--
``(1) shall be excluded from the gross income of the trust, and
``(2) on the distribution from the trust of the proceeds of such
condemnation, shall be excluded from the gross income of each person
receiving such distribution.''
Section 5(b) of Pub. L. 96-596 provided that: ``The amendment made
by subsection (a) [amending section 1 of Pub. L. 94-81, set out above]
shall apply to all amounts whether received before, on, or after the
date of the enactment of this Act [Dec. 24, 1980].''
