WASHINGTON, Dec. 16 -- Internal Revenue Service has issued a rule called: Entities Wholly Owned by Indian Tribal Governments.
The rule was published in the Federal Register on Dec. 16 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains final regulations regarding the Federal tax classification of entities wholly owned by Indian Tribal governments (Tribes). The final regulations provide that entities that are wholly owned by Tribes and organized or incorporated under the laws of one or more of the Tribes that own them generally are not recognized as separate entities for Federal tax purposes. The final regulations also provide that such entities, as well as certain Tribal corporations chartered by the Department...