
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 25USC677p]

 
                            TITLE 25--INDIANS
 
                        CHAPTER 14--MISCELLANEOUS
 
 SUBCHAPTER XXVIII--UTE INDIANS OF UTAH: DISTRIBUTION OF ASSETS BETWEEN 
 MIXED-BLOOD AND FULL-BLOOD MEMBERS; TERMINATION OF FEDERAL SUPERVISION 
                  OVER PROPERTY OF MIXED-BLOOD MEMBERS
 
Sec. 677p. Tax exemption; exceptions and time limits; valuation 
        for income tax on gains or losses
        
    No distribution of the assets made under the provisions of this 
subchapter shall be subject to any Federal or State income tax: 
Provided, That so much of any cash distribution made hereinunder as 
consists of a share of any interest earned on funds deposited in the 
Treasury of the United States shall not by virtue of this subchapter be 
exempt from individual income tax in the hands of the recipients for the 
year in which paid. Property distributed to the mixed-blood group 
pursuant to the terms of this subchapter shall be exempt from property 
taxes for a period of seven years from August 27, 1954, unless the 
original distributee parts with title thereto, either by deed, descent, 
succession, foreclosure of mortgage, sheriff's sale or other conveyance: 
Provided, That the mortgaging, hypothecation, granting of a right-of-
way, or other similar encumbrance of said property shall not be 
construed as a conveyance subjecting said property to taxation under the 
provisions of this section. After seven years from August 27, 1954, all 
property distributed to the mixed-blood members of the tribe under the 
provisions of this subchapter, and all income derived therefrom by the 
individual, corporation, or other legal entity, shall be subject to the 
same taxes, State and Federal, as in the case of non-Indians; except 
that any corporation organized by the mixed-blood members for the 
purpose of aiding in the joint management with the tribe and in the 
distribution of unadjudicated or unliquidated claims against the United 
States, all gas, oil, and mineral rights of every kind, and all other 
assets not susceptible to equitable and practicable distribution shall 
not be subject to corporate income taxes. Any valuation for purposes of 
Federal income tax on gains or losses shall take as the basis of the 
particular taxpayer the value of the property on the date title is 
transferred by the United States pursuant to this subchapter.

(Aug. 27, 1954, ch. 1009, Sec. 17, 68 Stat. 876; Aug. 2, 1956, ch. 880, 
Sec. 3, 70 Stat. 936.)


                               Amendments

    1956--Act Aug. 2, 1956, included within exception clause provisions 
respecting exemption from corporate income taxes.
