IRS Says Certain Tribal Trust Money Is Income Tax-Free

Law360, New York (March 10, 2014, 5:29 PM EDT) -- Per capita distributions made to Native American tribe members from funds held in trust by the U.S. secretary of the interior are exempt from federal income taxes, according to interim guidance issued by the Internal Revenue Service on Monday.

Even though Native American tribe members are subject to U.S. taxation, the Indian Tribal Judgment Funds Use or Distribution Act bars the federal government from taxing certain funds that are distributed per capita or held in a statutorily approved trust, prompting Monday's notice, issued by the IRS...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.