Alaska Native Settlement Trust

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Alaska Native Settlement Trust

A trust set up under Alaska and federal law whose beneficiaries are the stockholders of an Inuit or other Native-owned corporation. For example, a trust may be set up to provide educational scholarships for qualified persons. Trustees must be individuals and may not be corporations or banks. Alaska Native Settlement Trusts are eligible for favorable tax treatment.
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Speaker, Congress established Alaska Native Settlement Trusts in 1988 to provide permanent health, education and welfare benefits to Alaska Natives, who are among the most economically disadvantaged populations in the United States.
IRS, TAX ISSUES FOR ALASKA NATIVE AMERICAN CORPORATIONS AND ALASKA NATIVE SETTLEMENT TRUSTS (2018), https://www.irs.gov/newsroom/tax-issues-for-alaska-native-american-corporationsand-alaska-native-settlement-trusts.
(96.) IRS, TAX ISSUES FOR ALASKA NATIVE AMERICAN CORPORATIONS AND ALASKA NATIVE SETTLEMENT TRUSTS (2018), https://www.irs.gov/newsroom/tax-issues-for-alaska-native-american-corporations-and-alaska-native-settlement-trusts.
Income Tax Return for Electing Alaska Native Settlement Trusts, and Form 1041QFT, U.S.
* Special tax treatment for electing Alaska native settlement trusts; and
This new elective tax regime permits Alaska Native settlement trusts to be taxed in a manner different from the normal fashion under Subchapter J of the I.R.C.
Part II is an overview of the federal and state non-tax law governing Alaska Native settlement trusts, providing a context in which settlement trusts can be better understood.
The IRS has issued a total of 22 private letter rulings (57) concerning various aspects of the application of the federal tax law to Alaska Native settlement trusts. (58)

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