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131 STAT. 2181 PUBLIC LAW 115–97—DEC. 22, 2017 subsequent to the taxable year in which such property was contributed to the Settlement Trust— ‘‘(I) this section shall be applied as if the elec- tion under this subsection had not been made, ‘‘(II) any income or gain which would have been included in the year of contribution under subsection (f)(3) but for the taxpayer’s election under this subsection shall be included in income for the taxable year of such contribution, and ‘‘(III) the Settlement Trust shall pay any increase in tax resulting from such inclusion, including any applicable interest, and increased by 10 percent of the amount of such increase with interest. ‘‘(ii) ASSESSMENT.—Notwithstanding section 6501(a), any amount described in subclause (III) of clause (i) may be assessed, or a proceeding in court with respect to such amount may be initiated without assessment, within 4 years after the date on which the return making the election under this subsection for such property was filed.’’. (2) CONFORMING AMENDMENT.—The table of sections for part VIII of subchapter B of chapter 1 is amended by inserting before the item relating to section 248 the following new item: ‘‘Sec. 247. Contributions to Alaska Native Settlement Trusts.’’. (3) EFFECTIVE DATE.— (A) IN GENERAL.—The amendments made by this sub- section shall apply to taxable years for which the period of limitation on refund or credit under section 6511 of the Internal Revenue Code of 1986 has not expired. (B) ONE-YEAR WAIVER OF STATUTE OF LIMITATIONS.— If the period of limitation on a credit or refund resulting from the amendments made by paragraph (1) expires before the end of the 1-year period beginning on the date of the enactment of this Act, refund or credit of such overpay- ment (to the extent attributable to such amendments) may, nevertheless, be made or allowed if claim therefor is filed before the close of such 1-year period. (c) INFORMATION REPORTING FOR DEDUCTIBLE CONTRIBUTIONS TO ALASKA NATIVE SETTLEMENT TRUSTS.— (1) IN GENERAL.—Section 6039H is amended— (A) in the heading, by striking ‘‘SPONSORING’’, and (B) by adding at the end the following new subsection: ‘‘(e) DEDUCTIBLE CONTRIBUTIONS BY NATIVE CORPORATIONS TO ALASKA NATIVE SETTLEMENT TRUSTS.— ‘‘(1) IN GENERAL.—Any Native Corporation (as defined in subsection (m) of section 3 of the Alaska Native Claims Settle- ment Act (43 U.S.C. 1602(m))) which has made a contribution to a Settlement Trust (as defined in subsection (t) of such section) to which an election under subsection (e) of section 247 applies shall provide such Settlement Trust with a state- ment regarding such election not later than January 31 of the calendar year subsequent to the calendar year in which the contribution was made. ‘‘(2) CONTENT OF STATEMENT.—The statement described in paragraph (1) shall include— 26 USC 6039H. 26 USC 247 note. 26 USC prec. 241. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00129 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS