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return would be signed by any person

Note: While the cite addresses use of a

Employer Identification Number, for

who could sign the return of the entity

facsimile signature by a preparer of a

details on how to obtain an EIN

owning the assets of the REMIC under

fiduciary return, a preparer of a REMIC

immediately by telephone. If the REMIC

applicable state law.

return may also use a facsimile signature

has previously applied for an EIN, but has

if those same conditions are met.

not received it by the time the return is

Startup day before November 10, 1988.

•

due, write “Applied for” in the space for

Give the REMIC a copy of the return in

A REMIC with a startup day before

the EIN. Do not apply for an EIN more

addition to the copy to be filed with the

November 10, 1988, may elect to apply

than once. See Pub. 583 for details.

IRS.

the rules for REMICs with a startup day

Item B — Date REMIC started. Enter the

after November 9, 1988 (as described in

Paid Preparer Authorization

“startup day” selected by the REMIC.

Regulations section 1.860F-4(c)(2)(iii)).

If the REMIC wants to allow the IRS to

Otherwise, Form 1066 must be signed by

The startup day is the day on which

discuss its 2001 tax return with the paid

a residual interest holder or, as provided

the REMIC issued all of its regular and

preparer who signed it, check the ‘‘Yes’’

in section 6903, by a fiduciary as defined

residual interests. However, a sponsor

box in the signature area of the return.

in section 7701(a)(6) who is acting for the

may contribute property to a REMIC in

This authorization applies only to the

REMIC and who has furnished adequate

exchange for regular and residual

individual whose signature appears in the

notice as described in Regulations

interests over any period of 10

‘‘Paid Preparer’s Use Only’’ section of the

section 301.6903-1(b).

consecutive days and the REMIC may

return. It does not apply to the firm, if any,

designate any one of those 10 days as

shown in that section.

Note: For this purpose, the term “startup

the startup day. The day so designated is

day” means any day selected by a

If the ‘‘Yes’’ box is checked, the

then the startup day, and all interests are

REMIC that is on or before the first day

REMIC is authorizing the IRS to call the

treated as issued on that day.

on which interests in such REMIC are

paid preparer to answer any questions

issued. Otherwise, “startup day” is

Item C — Total assets at end of tax

that may arise during the processing of its

defined in the instructions for Item B on

year. Enter the total assets of the

return. The REMIC is also authorizing the

this page.

REMIC. If there are no assets at the end

paid preparer to:

of the tax year, enter the total assets as of

•

Facsimile signature. A facsimile

Give the IRS any information that is

the beginning of the tax year.

signature is acceptable if the following

missing from its return,

•

conditions are met:

Call the IRS for information about the

Section I

•

Each group of returns sent to the IRS

processing of its return or the status of

Line 1 — Taxable interest. Enter the

must be accompanied by a letter signed

any refund or payment(s), and

•

total taxable interest. “Taxable interest” is

by the person authorized to sign the

Respond to certain IRS notices that the

interest that is included in ordinary

returns declaring, under penalties of

REMIC may have shared with the

income from all sources except interest

perjury, that the facsimile signature

preparer about math errors, offsets, and

exempt from tax and interest on tax-free

appearing on the returns is the signature

return preparation. The notices will not be

covenant bonds. You may elect to reduce

adopted by that person to sign the returns

sent to the preparer.

the amount of interest accrued on taxable

filed and that the signature was affixed to

The REMIC is not authorizing the paid

bonds by the amount of amortizable bond

the returns by that person or at that

preparer to receive any refund check,

premium on those bonds attributable to

person’s direction. The letter must also

bind the REMIC to anything (including

the current tax year. See sections 171(c)

list each return by the name and

any additional tax liability), or otherwise

and 171(e) for details.

employer identification number of the

represent it before the IRS. If the REMIC

REMIC;

wants to expand the paid preparer’s

Line 2 — Accrued market discount

•

After the facsimile signature is affixed,

authorization, see Pub. 947, Practice

under section 860C(b)(1)(B). Enter the

no entries on the return may be altered

Before the IRS and Power of Attorney.

amount of market discount attributable to

other than to correct discernible arithmetic

the current tax year determined on the

The authorization cannot be revoked.

errors;

basis of a constant interest rate under the

•

However, the authorization will

A manually signed copy of the letter

rules of section 1276(b)(2).

automatically end no later than the due

submitted to the IRS with the returns, as

date (excluding extensions) for filing the

Line 3 — Capital gain (loss). Enter the

well as a record of any arithmetic errors

2002 tax return.

amount shown on line 12 or 13 (if any),

corrected, must be retained on behalf of

from Schedule D, page 2.

the REMICs listed in the letter and must

be available for inspection by the IRS.

Line 4 — Ordinary gain (loss). Enter the

Specific Instructions

net gain (loss) from Part II, Form 4797,

Paid preparer’s information. If

Sales of Business Property.

General Information

someone prepares the return and does

Line 5 — Other income. Attach a

not charge the REMIC, that person

Name, address, and employer

schedule, listing by type and amount, any

should not sign the return.

identification number. Print or type the

other taxable income not reported on

REMIC’s legal name and address on the

Generally, anyone who is paid to

lines 1 – 4. If there is only one item of

appropriate lines. Include the suite, room,

prepare the REMIC return must sign the

other income, describe it in parentheses

or other unit number after the street

return and fill in the “Paid Preparer’s Use

to the left of the entry space on line 5

Only” area of the return.

address. If the Post Office does not

instead of attaching a schedule. If the

deliver mail to the street address and the

REMIC issued regular interests at a

The preparer required to sign the

REMIC has a P.O. box, show the box

premium, the net amount of the premium

REMIC’s return must complete the

number instead of the street address.

is income that must be prorated over the

required preparer information and:

•

Note: Each REMIC must have its own

term of these interests. Include this

income on line 5.

employer identification number (EIN).

preparer’s signature. A facsimile

signature is acceptable if the conditions

Show the EIN in item A on page 1 of

Deductions — (Lines 7 – 14). Include

under Regulations section

Form 1066. If the REMIC does not have

only deductible amounts on lines 7 – 14. A

1.6695-1(b)(4)(iv) are met.

an EIN, get Form SS-4, Application for

REMIC is not allowed any of the following

-4-

Form 1066 - Instructions For U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return Form Page 4

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