Form N-66 - Real Estate Mortgage Investment Conduit Income Tax Return

Form N-66 (REV. 2001)

Page 2

Capital Gains and Losses

Caution: Use Schedule D-1 instead of Schedule D if the startup day was

(

Schedule D

after November 11, 1991. See instructions.)

Part I — Short-Term Capital Gains and Losses — Assets Held One Year or Less

(a) Description of property

(b) Date acquired

(d) Sale price

(e) Cost or other basis

(f) Gain (or loss)

(Example: 100 shares 7% preferred of “Z” Co.)

(mo., day, yr.)

(see Instructions)

(col. (d) less (e))

Short-term capital gain from installment sales from federal Form 6252 ...........................................................................

Short-term capital loss carryover ......................................................................................................................................

(

)

Net short-term capital gain (or loss) (combine lines 1 through 3) .....................................................................................

Part II — Long-Term Capital Gains and Losses — Assets Held More Than One Year

Long-term capital gain from installment sales from federal Form 6252............................................................................

Capital gain distributions ..................................................................................................................................................

Enter gain, if applicable, from Schedule D-1 ....................................................................................................................

Long-term capital loss carryover ......................................................................................................................................

(

)

Net long-term capital gain (or loss) (combine lines 5 through 9) ......................................................................................

Part III — Summary of Parts I and II

Combine lines 4 and 10, and enter the net gain (or loss) here.........................................................................................

If line 11 is a gain, enter here and also on line 3, Section I (page 1)................................................................................

If line 11 is a loss, enter here and as a loss on line 3, Section I (page 1), the smaller of:

The amount on line 11; or

$3,000.......................................................................................................................................................................

(

)

Part IV —

Computation of Capital Loss Carryovers From 2001 to 2002

(Complete this part if the loss on line 11 is more than the loss on line 13.)

Enter loss shown on line 4; if none, enter zero and skip lines 15 through 18...................................................................

Enter gain shown on line 10. If that line is a blank or shows a loss, enter zero ..............................................................

Subtract line 15 from line 14 .............................................................................................................................................

Enter the smaller of line 13 or 16......................................................................................................................................

Subtract line 17 from line 16. This is your short-term capital loss carryover from 2001 to 2002 ...............................

Enter loss from line 10; if none, enter zero and skip lines 20 through 23 .........................................................................

Enter gain shown on line 4. If that line is blank or shows a loss, enter zero ...................................................................

Subtract line 20 from line 19 .............................................................................................................................................

Subtract line 17 from line 13. (Note: If you skipped lines 15 through 18, enter the amount from line 13. ).....................

Subtract line 22 from line 21. This is your long-term capital loss carryover from 2001 to 2002.................................