Page:United States Statutes at Large Volume 115 Part 1.djvu/169

 PUBLIC LAW 107-16-JUNE 7, 2001 115 STAT. 147 per share loss adjustment factor shall be the aggregate of all contributions to all electing Settlement Trusts sponsored by such Native Corporation made on or after the first day each trust is treated as an electing Settlement Trust expressed on a per share basis and determined as of the day of each such contribution. " (j) CROSS REFERENCE. — "For information required with respect to electing Settlement Trusts and sponsoring Native Corporations, see section GOSSH.". (b) REPORTING. —Subpart A of part III of subchapter A of chapter 61 of subtitle F (relating to information concerning persons subject to special provisions) is amended by inserting after section 6039G the following new section: "SEC. 6039H. INFORMATION WITH RESPECT TO ALASKA NATIVE SETTLEMENT TRUSTS AND SPONSORING NATIVE COR- PORATIONS. "(a) REQUIREMENT.— The fiduciary of an electing Settlement Trust (as defined in section 646(h)(1)) shall include with the return of income of the trust a statement containing, the information required under subsection (c). " (b) APPLICATION WITH OTHER REQUIREMENTS. —The filing of any statement under this section shall be in lieu of the reporting requirements under section 6034A to furnish any statement to a beneficiary regarding amounts distributed to such beneficiary (and such other reporting rules as the Secretary deems appropriate). "(c) REQUIRED INFORMATION. —The information required under this subsection shall include— "(1) the amount of distributions made during the taxable year to each beneficiary, "(2) the treatment of such distribution under the applicable provision of section 646, including the amount that is excludable from the recipient beneficiary's gross income under section 646, and "(3) the amount (if any) of any distribution during such year that is deemed to have been made by the sponsoring Native Corporation (as defined in section 646(h)(5)). " (d) SPONSORING NATIVE CORPORATION.— "(1) IN GENERAL.— The electing Settlement Trust shall, on or before the date on which the statement under subsection (a) is required to be filed, furnish such statement to the sponsoring Native Corporation (as so defined). "(2) DISTRIBUTEES.— The sponsoring Native Corporation shall furnish each recipient of a distribution described in section 646(e)(3) a statement containing the amount deemed to have been distributed to such recipient by such corporation for the taxable year.". (c) CLERICAL AMENDMENT.— (1) The table of sections for subpart A of part I of subchapter J of chapter 1 of such Code is amended by adding at the end the following new item: "Sec. 646. Tax treatment of electing Alaska Native Settlement Trusts.". (2) The table of sections for subpart A of part III of subchapter A of chapter 61 of subtitle F of such Code is amended

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