
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 25USC978]

 
                            TITLE 25--INDIANS
 
                        CHAPTER 14--MISCELLANEOUS
 
    SUBCHAPTER XLVI--PONCA TRIBE OF NEBRASKA: TERMINATION OF FEDERAL 
                               SUPERVISION
 
Sec. 978. Taxes; initial exemption; taxes following 
        distribution; valuation for capital gains or losses
        
    No property distributed under the provisions of this subchapter 
shall at the time of distribution be subject to any Federal or State 
income tax. Following any distribution of property made under the 
provisions of this subchapter, such property and income derived 
therefrom by the distributee shall be subject to the same taxes, State 
and Federal as in the case of non-Indians: Provided, That for the 
purpose of capital gains or losses the base value of the property shall 
be the value of the property when distributed to the grantee.

(Pub. L. 87-629, Sec. 8, Sept. 5, 1962, 76 Stat. 430.)

                  Section Referred to in Other Sections

    This section is referred to in section 971 of this title.
