§ 978. — 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: 25USC978]
TITLE 25--INDIANS
CHAPTER 14--MISCELLANEOUS
SUBCHAPTER XLVI--PONCA TRIBE OF NEBRASKA: TERMINATION OF FEDERAL
SUPERVISION
Sec. 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.
(Pub. L. 87-629, Sec. 8, Sept. 5, 1962, 76 Stat. 430.)
Section Referred to in Other Sections
This section is referred to in section 971 of this title.
