for any property described in paragraph (1) which was contributed during such year. Any property to which the election applies shall be identified and described with reasonable particularity on the income tax return or amended income tax return of the Settlement Trust, with such election to have effect solely for such taxable year. (B) Revocation Any election made by a Settlement Trust pursuant to this subsection may be revoked pursuant to an amended income tax return which has been timely filed by such Settlement Trust. (C) Certain dispositions (i) In general In the case of any property for which an election is in effect under this subsection and which is disposed of within the first taxable year subsequent to the taxable year in which such property was contributed to the Settlement Trust— (I) such election shall be voided as to such property, (II) the Settlement Trust shall be required to file an amended return for the taxable year in which such property was contributed, and (III) the Settlement Trust shall pay any tax applicable to such property, including interest and a penalty equal to 10 percent of the amount of such tax. (ii) Assessment Notwithstanding section 6501(a), any amount described in subclause (III) of clause (i) may be assessed, or a proceeding in court with respect to such amount may be initiated without assessment, within 4 years after the date on which the return making the election under this subsection for such property was filed. . (b) Conforming amendment The table of sections for part VIII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 250. Contributions to Alaska Native Settlement Trusts. . (c) Permissive Amendments to Trust Agreements Establishing Settlement Trusts (1) In general Notwithstanding any provision of law, including any provision of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1601 et seq.), Alaska state law, or the terms of any trust agreement of a Settlement Trust (as defined under