§ 699. — 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: 25USC699]
TITLE 25--INDIANS
CHAPTER 14--MISCELLANEOUS
SUBCHAPTER XXX--WESTERN OREGON INDIANS: TERMINATION OF FEDERAL
SUPERVISION
Sec. 699. 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. 733, Sec. 9, 68 Stat. 726.)
