Page 132 - Tax Reform

131 STAT. 2182 PUBLIC LAW 115–97—DEC. 22, 2017

‘‘(A) the total amount of contributions to which the
election under subsection (e) of section 247 applies,
‘‘(B) for each contribution, whether such contribution
was in cash,
‘‘(C) for each contribution which consists of property
other than cash, the date that such property was acquired
by the Native Corporation and the adjusted basis and
fair market value of such property on the date such prop-
erty was contributed to the Settlement Trust,
‘‘(D) the date on which each contribution was made
to the Settlement Trust, and
‘‘(E) such information as the Secretary determines to
be necessary or appropriate for the identification of each
contribution and the accurate inclusion of income relating
to such contributions by the Settlement Trust.’’.
(2) CONFORMING AMENDMENT.—The item relating to section
6039H in the table of sections for subpart A of part III of
26 USC subchapter A of chapter 61 is amended to read as follows:
prec. 6031.
‘‘Sec. 6039H. Information With Respect to Alaska Native Settlement Trusts and
Native Corporations.’’.
26 USC 6039H (3) EFFECTIVE DATE.—The amendments made by this sub-
note. section shall apply to taxable years beginning after December
31, 2016.
SEC. 13822. AMOUNTS PAID FOR AIRCRAFT MANAGEMENT SERVICES.
26 USC 4261. (a) IN GENERAL.—Subsection (e) of section 4261 is amended
by adding at the end the following new paragraph:
‘‘(5) AMOUNTS PAID FOR AIRCRAFT MANAGEMENT SERVICES.—
‘‘(A) IN GENERAL.—No tax shall be imposed by this
section or section 4271 on any amounts paid by an aircraft
owner for aircraft management services related to—
‘‘(i) maintenance and support of the aircraft
owner’s aircraft, or
‘‘(ii) flights on the aircraft owner’s aircraft.
‘‘(B) AIRCRAFT MANAGEMENT SERVICES.—For purposes
of subparagraph (A), the term ‘aircraft management serv-
ices’ includes—
‘‘(i) assisting an aircraft owner with administrative
and support services, such as scheduling, flight plan-
ning, and weather forecasting,
‘‘(ii) obtaining insurance,
‘‘(iii) maintenance, storage and fueling of aircraft,
‘‘(iv) hiring, training, and provision of pilots and
crew,
‘‘(v) establishing and complying with safety stand-
ards, and
‘‘(vi) such other services as are necessary to sup-
port flights operated by an aircraft owner.
‘‘(C) LESSEE TREATED AS AIRCRAFT OWNER.—
‘‘(i) IN GENERAL.—For purposes of this paragraph,
the term ‘aircraft owner’ includes a person who leases
the aircraft other than under a disqualified lease.
‘‘(ii) DISQUALIFIED LEASE.—For purposes of clause
(i), the term ‘disqualified lease’ means a lease from
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a person providing aircraft management services with
respect to such aircraft (or a related person (within