From the IRS:
Revenue Procedure 2011-56 clarifies, modifies, and supersedes Rev. Proc. 2003-14 in response to comments. The revenue procedures provide a safe harbor for Indian tribes to establish trusts for tribal members who are minors or legally incompetent for the distribution of gaming revenues under the Indian Gaming Regulatory Act (IGRA). If the provisions of the revenue procedures are followed, an Indian tribe is treated as the grantor and owner of the trust. The trust beneficiary is not taxed on distributions to the trust or income earned by the trust until actually or constructively received.
Revenue Procedure 2011-56 will appear in IRB 2011-49 dated Dec. 5, 2011.
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