26 U.S.C. § 6039H — Information with respect to Alaska Native Settlement Trusts and Native Corporations

(a) The fiduciary^* of an electing Settlement Trust defined in section 646(h)(1) must include with the trust's income-tax return a statement containing (c)'s information. (b) Filing this statement replaces section 6034A beneficiary reporting for distributed amounts and replaces other reporting rules the Secretary^* considers appropriate. (c) The statement must show: (1) distributions during the year to each beneficiary; (2) how each distribution is treated under section 646, including the part excluded from the beneficiary's gross income; and (3) any amount deemed distributed by the sponsoring Native Corporation^* defined in section 646(h)(5). (d)(1) By the statement's due date, the trust must give it to the sponsoring corporation. (2) The corporation must give each recipient described in section 646(e)(3) a statement of the amount deemed distributed by the corporation. (e)(1) A Native Corporation defined in section 3(m) of the Alaska Native Claims Settlement Act that contributes to a Settlement Trust defined in section 3(t) for which a section 247(e) election applies must give the trust a statement about the election by January 31 of the next calendar year. (2) The statement must state: (A) total contributions covered by the election; (B) whether each was cash; (C) for each noncash contribution, acquisition date, adjusted basis, and contribution-date fair market value; (D) contribution date; and (E) information needed to identify each contribution and accurately include related trust income.