"The Internal Revenue Service has issued a new revenue procedure that provides a safe harbor for Native American tribes to establish trusts for tribal members who are minors or legally incompetent for the distribution of gambling revenues under the Indian Gaming Regulatory Act.
Revenue Procedure 2011-56 clarifies, modifies, and supersedes Rev. Proc. 2003-14 in response to comments received about the older rules.
Native American tribes and their members had requested guidance from the IRS on determining the taxable years in which beneficiaries must include in gross income amounts transferred to, or earned by, an IGRA trust, and under what circumstances a tribe would be considered the grantor and owner of an IGRA trust."
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IRS Modifies Rules for Indian Gambling Revenues
(Accounting Today 11/15)
Regulation
Accounting: IRS issues new rules for tribal casino revenues
Tuesday, November 15, 2011
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