§ 955. — Tax exemption.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC955]
TITLE 25--INDIANS
CHAPTER 14--MISCELLANEOUS
SUBCHAPTER XLIV--AGUA CALIENTE (PALM SPRINGS) RESERVATION OF CALIFORNIA:
EQUALIZATION OF ALLOTMENTS
Sec. 955. Tax exemption
(a) The right to an equalization allotment or to a cash payment in
lieu thereof pursuant to section 953(d) of this title, shall be
transferable by will or descent in the same manner as are trust payments
under existing law and shall not be subject to State or Federal
inheritance, estate, legacy, or succession taxes.
(b) A cash payment made in lieu of an equalization allotment
pursuant to section 953(d) of this title shall not be regarded as income
or capital gain for purposes of Federal or State income taxation and
shall not, as long as it remains in the form of cash or a bank deposit
in the ownership of the allottee, be subject to taxation as personal
property. A payment and the income derived therefrom heretofore or
hereafter made to an allottee as compensation for the acquisition of
part or all of the allottee's allotment for a public purpose is--
(1) deemed a cash payment in lieu of an allotment for purposes
of this subsection;
(2) deemed a right under subsection (a) of this section; and
(3) subject to sections 409a and 410 of this title.
(Pub. L. 86-339, Sec. 5, Sept. 21, 1959, 73 Stat. 604; Pub. L. 100-581,
title II, Sec. 216, Nov. 1, 1988, 102 Stat. 2941.)
Amendments
1988--Subsec. (b). Pub. L. 100-581 inserted sentence at end relating
to payment and income derived therefrom made as compensation for
acquisition of part of all of allottee's allotment for public purpose.
Section Referred to in Other Sections
This section is referred to in section 162a of this title.
