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The Venganza Tribe is a Federally recognized Indian tribal government described in IRC 7701(a)(40)(A). The Venganza Tribe

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The Venganza Tribe is a Federally recognized Indian tribal government described in IRC ยง7701(a)(40)(A).

The Venganza Tribe would like to invest some of its cash resulting from its newly opened casino in a real estate development, Vista de Basura Inc., an S corporation. Is the Indian tribal government an eligible shareholder for S corporation purposes?

a. Locate the IRS pronouncement(s) that deals with this situation. State the pronouncement number(s).

b. Review the IRS pronouncement(s). Does it raise a need for new information to solve this question?

c. Are you able to reach a conclusion about the research question from this IRS pronouncement(s)? If so, what is your conclusion(s)?

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Authors: William Raabe, Gerald Whittenburg, Debra Sanders, Roby Sawyers, Steven Gill

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