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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Some trusts are exempt from the NII tax: cemetery perpetual care funds; Alaska Native Settlement Trusts electing to be taxed under Code Sec.
Income Tax Return for Electing Alaska Native Settlement Trusts, and Form 1041QFT, U.

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