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ITG FAQ #5 Answer-Are there other instances in which the issue of competency/non-competency will be important in tribal distributions?

Yes.  Individuals may, in some instances, elect in and out of competent status more than once in their lifetime. This impacts how rents of surface rights, royalty interests in mineral rights, and other income items are reported to individuals. The competency question should be answered before taxability of certain items can be determined.

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Page Last Reviewed or Updated: 02-Aug-2016