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.
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)