(a) Requirement The fiduciary of an electing Settlement Trust (as defined in section
646 (h)(1)) shall include with the return of income of the trust a statement containing the information required under subsection (c).
(b) Application with other requirements The filing of any statement under this section shall be in lieu of the reporting requirements under section
6034A to furnish any statement to a beneficiary regarding amounts distributed to such beneficiary (and such other reporting rules as the Secretary deems appropriate).
(c) Required information The information required under this subsection shall include
(1) the amount of distributions made during the taxable year to each beneficiary,
(2) the treatment of such distribution under the applicable provision of section
646, including the amount that is excludable from the recipient beneficiarys gross income under section
646, and
(3) the amount (if any) of any distribution during such year that is deemed to have been made by the sponsoring Native Corporation (as defined in section
646 (h)(5)).
(d) Sponsoring Native Corporation
(1) In general
The electing Settlement Trust shall, on or before the date on which the statement under subsection (a) is required to be filed, furnish such statement to the sponsoring Native Corporation (as so defined).
(2) Distributees The sponsoring Native Corporation shall furnish each recipient of a distribution described in section
646 (e)(3) a statement containing the amount deemed to have been distributed to such recipient by such corporation for the taxable year.
