25-U.S.C.-955

§955 – Tax Exemption

Pathway

Title 25 > Chapter 14 > Subchapter XLIV > Section 955

Details

• Reference: Section 955
• Legend: §955 – Tax Exemption
• USCode Year: 2013

Provision Content

(a) The right to an equalization allotment or to a cash payment in lieu thereof pursuant to section 953(d) of this title, shall be transferable by will or descent in the same manner as are trust payments under existing law and shall not be subject to State or Federal inheritance, estate, legacy, or succession taxes.

(b) A cash payment made in lieu of an equalization allotment pursuant to section 953(d) of this title shall not be regarded as income or capital gain for purposes of Federal or State income taxation and shall not, as long as it remains in the form of cash or a bank deposit in the ownership of the allottee, be subject to taxation as personal property. A payment and the income derived therefrom heretofore or hereafter made to an allottee as compensation for the acquisition of part or all of the allottees allotment for a public purpose is—

(1) deemed a cash payment in lieu of an allotment for purposes of this subsection;

(2) deemed a right under subsection (a) of this section; and

(3) subject to sections 409a and 410 of this title.

(Pub. L. 86–339, §5, Sept. 21, 1959, 73 Stat. 604; Pub. L. 100–581, title II, §216, Nov. 1, 1988, 102 Stat. 2941.)

Amendments

1988—Subsec. (b). Pub. L. 100–581 inserted sentence at end relating to payment and income derived therefrom made as compensation for acquisition of part of all of allottees allotment for public purpose.

U.S. Encyclopedia of Law Coverage

25-U.S.C.-952 in the Legal Encyclopedia: Indians

In this entry about 25-U.S.C.-952, find legal reference material, bibliographies and premiere content related to indians in the American Encyclopedia of Law, presenting a comprehensive view of the United States indians-specific issues, written by authorities in the field.

Subchapter XLIV – Agua Caliente (Palm Springs) Reservation of California: Equalization of Allotments in the Legal Encyclopedia: California

In this entry about Subchapter XLIV – Agua Caliente (Palm Springs) Reservation of California: Equalization of Allotments, find legal reference material, bibliographies and premiere content related to california in the American Encyclopedia of Law, presenting a comprehensive view of the United States california-specific issues, written by authorities in the field.

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