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131 STAT. 2178 PUBLIC LAW 115–97—DEC. 22, 2017 2020, this section shall be applied without regard to whether dis- tilled spirits are bulk distilled spirits.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply distilled spirits transferred in bond after December 31, 2017. Subpart B—Miscellaneous Provisions SEC. 13821. MODIFICATION OF TAX TREATMENT OF ALASKA NATIVE CORPORATIONS AND SETTLEMENT TRUSTS. (a) EXCLUSION FOR ANCSA PAYMENTS ASSIGNED TO ALASKA NATIVE SETTLEMENT TRUSTS.— (1) IN GENERAL.—Part III of subchapter B of chapter 1 is amended by inserting before section 140 the following new section: ‘‘SEC. 139G. ASSIGNMENTS TO ALASKA NATIVE SETTLEMENT TRUSTS. ‘‘(a) IN GENERAL.—In the case of a Native Corporation, gross income shall not include the value of any payments that would otherwise be made, or treated as being made, to such Native Cor- poration pursuant to, or as required by, any provision of the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.), including any payment that would otherwise be made to a Village Corporation pursuant to section 7(j) of the Alaska Native Claims Settlement Act (43 U.S.C. 1606(j)), provided that any such payments— ‘‘(1) are assigned in writing to a Settlement Trust, and ‘‘(2) were not received by such Native Corporation prior to the assignment described in paragraph (1). ‘‘(b) INCLUSION IN GROSS INCOME.—In the case of a Settlement Trust which has been assigned payments described in subsection (a), gross income shall include such payments when received by such Settlement Trust pursuant to the assignment and shall have the same character as if such payments were received by the Native Corporation. ‘‘(c) AMOUNT AND SCOPE OF ASSIGNMENT.—The amount and scope of any assignment under subsection (a) shall be described with reasonable particularity and may either be in a percentage of one or more such payments or in a fixed dollar amount. ‘‘(d) DURATION OF ASSIGNMENT; REVOCABILITY.—Any assign- ment under subsection (a) shall specify— ‘‘(1) a duration either in perpetuity or for a period of time, and ‘‘(2) whether such assignment is revocable. ‘‘(e) PROHIBITION ON DEDUCTION.—Notwithstanding section 247, no deduction shall be allowed to a Native Corporation for purposes of any amounts described in subsection (a). ‘‘(f) DEFINITIONS.—For purposes of this section, the terms ‘Native Corporation’ and ‘Settlement Trust’ have the same meaning given such terms under section 646(h).’’. (2) CONFORMING AMENDMENT.—The table of sections for part III of subchapter B of chapter 1 is amended by inserting before the item relating to section 140 the following new item: ‘‘Sec. 139G. Assignments to Alaska Native Settlement Trusts.’’. (3) EFFECTIVE DATE.—The amendments made by this sub- section shall apply to taxable years beginning after December 31, 2016. 26 USC 139G note. 26 USC prec. 101. 26 USC 139G. 26 USC 5212 note. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00126 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS