The Venganza Tribe is a federally recognized Indian tribal government
The Venganza Tribe is a federally recognized Indian tribal government described in I. R. C. § 7701(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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