Joslyn Walker Collinsworth POARCH CREEK 1982 FA ROLL June 26 at 11:05pm · Prior to 1983, the DOI made per capita distributions of the trust funds directly to the members of the tribes. In 1983, pursuant to the Per Capita Act, however, tribes were given authority to receive the trust funds and hold them in tribal trust accounts for subsequent per capita distributions to members. So, now the DOI can distribute the trust funds to the tribes who, in turn, make the per capita distributions to members. larrystaxlaw/2014/04/per-capita-distributions-from-trust-funds-to-indian-tribes-and-members-irs-notice-2014-17/ Like · Comment · Share · Stop Notifications Erma Denise likes this. Joslyn Walker Collinsworth The Notice highlights three situations where distributions were disguised as per capita distributions of trust funds, but were really compensation for tribal member services, profits from tribal business activities, or gaming revenues, all of which are taxable to the members. Like · 1 · More · Jun 26 Joslyn Walker Collinsworth ITG FAQ #3 Answer-With regard to Indian tribes, what is the significance of land held in trust? General principles applicable to the federal income tax treatment of income received by Indians are described in Revenue Ruling 67-284, 1967-2 C.B.55. Five tests must be met for such income to be excludable: the land in question must be held in trust by the United States Government; such land must be restricted and allotted and held for an individual non-competent Indian; the income must be derived directly from the land; the statute, treaty or other authority involved must evidence congressional; intent that the allotment be used as a means of protecting the Indian until such time as he becomes competent; and the authority in question must contain language indicating clear congressional intent that the land, until conveyed in fee simple to the allottee, is not to be subject to taxation. Payments derived directly from the land include such items as: rentals (including crop rentals); royalties; proceeds from the sale of natural resources on the land and from the sale of cattle and other livestock raised on the land; and income from the sale of crops grown on the land or from the use of the land for grazing purposes. ( Revenue Ruling 56-342, 1956-2 C.B. 20, as amplified by Revenue Ruling 62-16, 1962-1 C.B. 7) Payments made to non-competent Indians under programs administered by the Department of Agricultures Stabilization and Conservation Service are income derived directly from the land and are excludable from gross income. ( Revenue Ruling 69-289, 1969-1 C.B. 34) Like · 1 · More · Jun 27 Joslyn Walker Collinsworth ITG FAQ #10 Answer-What is meant by the term Non-competent Indian? Also referred to as a restricted Indian, this term is simply used to denote an Indians inability to hold fee simple title to trust land. This status generally exempts from federal income tax any income directly derived from the land. NOTE: This term should never be confused with incompetent, which refers to ones inadequacy for a particular purpose. R Like · 1 · More · Jun 27 Joslyn Walker Collinsworth irs.gov/Government-Entities/Indian-Tribal-Go vernments/ITG-FAQ-%2310-An swer-What-is-meant-by-the-term--Non-competent-Indian-%3F Like · More · Jun 27 ITG FAQ #10 Answer-What is mea nt by the term Non-competent In dian? irs.gov Joslyn Walker Collinsworth PCI Gaming 303 Poarch Road, Atmore, AL 36502 PO Box 1027, Atmore, AL 36504 Phone: (251) 368-3085 Fax: (251) 446-9386 Like · More · Jun 30
Posted on: Wed, 15 Oct 2014 03:22:18 +0000
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