; revocability Any assignment under subsection (a) shall specify— (1) a duration either in perpetuity or for a period of time, and (2) whether such assignment is revocable. (e) Prohibition on deduction Notwithstanding section 247, no deduction shall be allowed to a Native Corporation for purposes of any amounts described in subsection (a). (f) Definitions For purposes of this section, the terms Native Corporation and Settlement Trust have the same meaning given such terms under section 646(h). . (2) Conforming amendment The table of sections for part III of subchapter B of chapter 1 is amended by inserting before the item relating to section 140 the following new item: Sec. 139G. Assignments to Alaska Native Settlement Trusts. . (3) Effective date The amendments made by this subsection shall apply to taxable years beginning after December 31, 2016. (b) Deduction of contributions to Alaska Native Settlement Trusts (1) In general Part VIII of subchapter B of chapter 1 is amended by inserting before section 248 the following new section: 247. Contributions to Alaska Native Settlement Trusts (a) In general In the case of a Native Corporation, there shall be allowed a deduction for any contributions made by such Native Corporation to a Settlement Trust (regardless of whether an election under section 646 is in effect for such Settlement Trust) for which the Native Corporation has made an annual election under subsection (e). (b) Amount of deduction The amount of the deduction under subsection (a) shall be equal to— (1) in the case of a cash contribution (regardless of the method of payment, including currency, coins, money order, or check), the amount of such contribution, or (2) in the case of a contribution not described in paragraph (1), the lesser of— (A) the Native Corporation's adjusted basis in the property contributed, or (B) the fair market value of the property contributed. (c) Limitation and carryover (1) In general Subject to paragraph (2), the deduction allowed under subsection (a) for any taxable year