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BBNC 2021 Tax Information

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Bristol Bay Settlement Trust Distributions: The Settlement Trust distribution benefits paid in 2021 are not taxable and are not required to be reported on a Form 1099. Therefore, no 1099 tax forms have been sent to shareholders.

Quarterly Elder Settlement Trust Distributions: The Bristol Bay Elders Trust distributions received in 2021 are not taxable and are not required to be reported on Form 1099. Therefore, no 1099 tax forms have been sent to shareholders.

ANCSA 7(j) Payments: At-large shareholders received a $9.63 per share ($963.00 for 100 shares) 7(j) resource payment in 2021. The 7(j) payments are reported on Form 1099-MISC in box 3 (Other Income). The 7(j) payment derives from resource sharing among the 12 regional corporations as required by the Alaska Native Claims Settlement Act (ANCSA). The 7(j) payment appears on a different form because resource revenue payments are not dividends and are not considered investment income. Village corporation shareholders do not receive a 7(j) dividend as ANCSA requires that resource revenue be paid directly to the village corporations.

Door Prizes: Door prizes or other winnings in cash or property valued of $600 or more are reported in Box 3 (Other Income) on Form 1099-MISC.

COVID-19 Pandemic Relief Payments: At this time, BBNC will not be issuing 1099’s for COVID-19 pandemic relief payments—also known as BBNC COVID-19 Assistance Program payments—to BBNC shareholders. While the United States Treasury has not provided final guidance on the taxability of these payments to BBNC shareholders, BBNC believes these payments will not be taxable based on the following: 1) these payments are non-taxable general welfare payments under Internal Revenue Code Section 139E, 2) these payments are non-taxable qualified disaster relief payments under Internal Revenue Code Section 139(b), or 3) these payments should be treated the same as COVID-19 pandemic relief payments paid by Indian Tribal Governments per IRS FAQ guidance that treated those payments as non-taxable. Click here to read the FAQs for Payments by Indian Tribal Governments to their Individual Members Under COVID-Relief Legislation and Notice of Tribal Consultation.

BBNC cannot provide tax advice and shareholders are encouraged to consult with a tax advisor regarding individual circumstances and applicable federal and state tax requirements. Please remember that it is your responsibility to accurately report your BBNC related income on your tax returns.

Village Corporation 1099 Reporting: Bristol Bay Corporate Services (BBCS) processes dividends for several villages in the Bristol Bay Region. The following summarizes the 1099-DIV reporting for dividends or other payments processed on behalf of villages by BBCS.

Dividends: The following village distributions were reported as dividends in Box 1a on Form 1099-DIV. Dividends reported in box 1a are taxable dividends. The dividend amounts are also reported in Box 1b indicating the dividends are from a domestic corporation and are eligible for the lower dividend tax rates.

  1. Igiugig Native Corporation
  2. Koliganek Natives Limited
  3. Stuyahok Limited
  4. Manokotak Natives Limited
  5. Saguyak Inc.

Village Corporation Settlement Trust Distributions: The distributions from the following villages were from the Alaska Native Settlement Trusts. These distributions are not taxable and are not required to be reported on Form 1099. Therefore, no 1099 tax forms have been sent to shareholders.

  1. Paug-Vik Inc. Limited
  2. Choggiung Limited
  3. Togiak Natives Limited
  4. Aleknagik Natives Limited
  5. Ekwok Natives Limited

COVID-19 Village Distributions: The following village corporations distributed COVID-19 pandemic relief payments. At this time, BBCS will not be issuing 1099’s for COVID-19 pandemic relief payments.

  1. Choggiung Limited
  2. Saguyak Inc.
  3. Stuyahok Limited
  4. Kijik Corporation
  5. Bay View Inc.

Reporting for village distributions is determined by the respective Village Corporation and communicated to BBCS in writing. BBCS does not determine taxability of these distributions. Please contact your village corporation if you have any questions.