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Paid preparer’s information. If

room, or other unit number after the street

the current tax year. See sections 171(c)

someone prepares the return and does

address. If a preaddressed label is used,

and 171(e) for details.

not charge the REMIC, that person

include this information on the label. If the

Line 2 — Accrued market discount

should not sign the return or complete the

Post Office does not deliver mail to the

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

paid preparer’s space. Generally, anyone

street address and the REMIC has a P.O.

amount of market discount attributable to

who is paid to prepare the REMIC return

box, show the box number instead. If the

the current tax year determined on the

must sign the return and fill in the “Paid

REMIC receives its mail in care of a third

basis of a constant interest rate under the

Preparer’s Use Only” area.

party (such as an accountant or attorney),

rules of section 1276(b)(2).

enter on the street address line “C/O”

The paid preparer must complete the

Line 3 — Capital gain or (loss). Enter

followed by the third party’s name and

required preparer information and:

the amount shown on page 2, Schedule

•

street address or P.O. box. If the REMIC

Sign the return in the space provided

D, line 12 or 13 (if any).

has changed its address since it last filed

for the preparer’s signature.

•

a return (including a change to an “in care

Line 4 — Ordinary gain or (loss). Enter

Give the REMIC a copy of the return.

of” address), check the box for “Address

the net gain or (loss) from Form 4797,

Note. A paid preparer may sign original

change.”

Sales of Business Property, Part II.

returns, amended returns, or requests for

Note. If a change in address occurs after

Line 5 — Other income. Attach a

filing extensions by rubber stamp,

the return is filed, use Form 8822,

schedule, listing by type and amount, any

mechanical device, or computer software

Change of Address, to notify the IRS of

other taxable income not reported on

program.

the new address.

lines 1 through 4. If there is only one item

Paid Preparer Authorization

of other income, describe it in

Enter the REMIC’s EIN on Form 1066,

parentheses to the left of the entry space

If the REMIC wants to allow the IRS to

page 1, item A. If the REMIC does not

on line 5 instead of attaching a schedule.

discuss its 2005 tax return with the paid

have its own EIN, it must apply for one. A

If the REMIC issued regular interests at a

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

REMIC may apply for an EIN:

•

premium, the net amount of the premium

box in the signature area of the return.

By telephone at 1-800-829-4933 from

is income that must be prorated over the

This authorization applies only to the

8:00 a.m. to 8:00 p.m. Monday through

term of these interests. Include this

individual whose signature appears in the

Friday in the REMIC’s local time zone

income on line 5.

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

(Pacific Time in AK and HI).

•

REMIC’s return. It does not apply to the

By mailing or faxing Form SS-4,

Deductions — (Lines 7 through 14).

firm, if any, shown in that section.

Application for Employer Identification

Include only deductible amounts on lines

Number.

7 through 14. A REMIC is not allowed any

If the “Yes” box is checked, the REMIC

If the REMIC has not received its EIN by

of the following deductions in computing

is authorizing the IRS to call the paid

the time the return is due, write “Applied

its taxable income.

preparer to answer any questions that

•

for” in the space for the EIN. For more

The net operating loss deduction.

may arise during the processing of its

•

details, see Pub. 583.

The deduction for taxes paid or

return. The REMIC is also authorizing the

accrued to foreign countries and U.S.

paid preparer to:

Unlike most entities, a REMIC

possessions.

•

Give the IRS any information that is

may not apply for an EIN online.

The deduction for charitable

missing from the return;

CAUTION

contributions.

•

Call the IRS for information about the

•

The deduction for depletion under

Item B — Date REMIC started. Enter the

processing of the return or the status of

section 611 for oil and gas wells.

“startup day” selected by the REMIC.

any related refund or payment(s); and

•

Losses or deductions allocable to

•

The startup day is the day on which

Respond to certain IRS notices that the

prohibited transactions.

the REMIC issued all of its regular and

REMIC has shared with the preparer

Line 9 — Amount accrued to regular

residual interests. However, a sponsor

about math errors, offsets, and return

interest holders in the REMIC that is

may contribute property to a REMIC in

preparation.

deductible as interest. Regular interests

exchange for regular and residual

The REMIC is not authorizing the paid

in the REMIC are treated as indebtedness

interests over any period of 10

preparer to receive any refund check,

for federal income tax purposes. Enter the

consecutive days and the REMIC may

bind the REMIC to anything (including

amount of interest, including original issue

designate any one of those 10 days as

any additional tax liability), or otherwise

discount, accruing to regular interest

the startup day. The day so designated is

represent the REMIC before the IRS.

holders for the tax year. Do not deduct

then the startup day, and all interests are

The authorization cannot be revoked.

any amounts paid or accrued for residual

treated as issued on that day.

However, the authorization will

interests in the REMIC.

Item C — Total assets at end of tax

automatically end no later than the due

Line 10 — Other interest. Do not include

year. Enter the total assets of the

date (excluding extensions) for filing the

interest deducted on line 9 or interest on

REMIC. If there are no assets at the end

REMIC’s 2006 tax return. If the REMIC

indebtedness incurred or continued to

of the tax year, enter the total assets as of

wants to expand the paid preparer’s

purchase or carry obligations on which

the beginning of the tax year.

authorization or revoke the authorization

the interest is wholly exempt from income

before it ends, see Pub. 947, Practice

Section I

tax. You may elect to include amortization

Before the IRS and Power of Attorney.

of bond premium on taxable bonds

Line 1 — Taxable interest. Enter the

acquired before 1988 unless you elected

total taxable interest. “Taxable interest” is

to offset amortizable bond premium

interest that is included in ordinary

Specific Instructions

against the interest accrued on the bond

income from all sources except interest

(see the Section I, line 1, instructions). Do

exempt from tax and interest on tax-free

General Information

not include any amount attributable to a

covenant bonds. You may elect to reduce

tax-exempt bond.

Name, address, and EIN. Print or type

the amount of interest accrued on taxable

the REMIC’s legal name and address on

bonds by the amount of amortizable bond

Line 11 — Taxes. If you have to pay tax

the appropriate lines. Include the suite,

premium on those bonds attributable to

on net income from foreclosure property,

-4-

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2005 Page 4

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