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entity owning the assets of the REMIC

check, bind the REMIC to anything

the startup day. The day so designated

under applicable state law.

(including any additional tax liability), or

is then the startup day, and all interests

otherwise represent the REMIC before

are treated as issued on that day.

Startup day before November 10,

the IRS.

Item C — Total assets at end of tax

1988. A REMIC with a startup day

year. Enter the total assets of the

before November 10, 1988, may elect

The authorization cannot be

REMIC. If there are no assets at the

to apply the rules for REMICs with a

revoked. However, the authorization will

end of the tax year, enter the total

startup day after November 9, 1988 (as

automatically end no later than the due

assets as of the beginning of the tax

described in Regulations section

date (excluding extensions) for filing the

year.

1.860F-4(c)(2)(iii)). Otherwise, Form

REMIC’s 2009 tax return. If the REMIC

1066 must be signed by a residual

wants to expand the paid preparer’s

Section I

interest holder or, as provided in

authorization or revoke the

section 6903, by a fiduciary as defined

authorization before it ends, see Pub.

Line 1 — Taxable interest. Enter the

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

947, Practice Before the IRS and

total taxable interest. “Taxable interest”

the REMIC and who has furnished

Power of Attorney.

is interest that is included in ordinary

adequate notice as described in

income from all sources except interest

Regulations section 301.6903-1(b).

exempt from tax and interest on

Specific Instructions

tax-free covenant bonds. You may elect

In the prior paragraph, the term

to reduce the amount of interest

“startup day” means any day selected

accrued on taxable bonds by the

General Information

by a REMIC that is on or before the first

amount of amortizable bond premium

day on which interests in such REMIC

Name, address, and EIN. Print or

on those bonds attributable to the

are issued. Otherwise, “startup day” is

type the REMIC’s legal name and

current tax year. See sections 171(c)

defined in the instructions for Item

address on the appropriate lines.

and 171(e) for details.

B — Date REMIC started later.

Include the suite, room, or other unit

Line 2 — Accrued market discount

Paid preparer’s information. If

number after the street address. If a

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

someone prepares the return and does

preaddressed label is used, include this

the amount of market discount

not charge the REMIC, that person

information on the label. If the Post

attributable to the current tax year

should not sign the return or complete

Office does not deliver mail to the street

determined on the basis of a constant

the paid preparer’s space. Generally,

address and the REMIC has a P.O.

interest rate under the rules of section

anyone who is paid to prepare the

box, show the box number instead. If

1276(b)(2).

REMIC return must sign the return and

the REMIC receives its mail in care of a

fill in the “Paid Preparer’s Use Only”

Line 3 — Capital gain or (loss). Enter

third party (such as an accountant or

area.

the amount shown on page 2, Schedule

attorney), enter on the street address

D, line 12 or 13 (if any).

line “C/O” followed by the third party’s

The paid preparer must complete the

Line 4 — Ordinary gain or (loss).

name and street address or P.O. box. If

required preparer information and:

•

Enter the net gain or (loss) from Form

Sign the return in the space provided

the REMIC has changed its address

4797, Sales of Business Property, Part

for the preparer’s signature.

since it last filed a return (including a

•

II.

Give the REMIC a copy of the return.

change to an “in care of” address),

check the box for “Address change.”

Line 5 — Other income. Attach a

Note. A paid preparer may sign

schedule, listing by type and amount,

original returns, amended returns, or

Note. If a change in address occurs

any other taxable income not reported

requests for filing extensions by rubber

after the return is filed, use Form 8822,

on lines 1 through 4. If there is only one

stamp, mechanical device, or computer

Change of Address, to notify the IRS of

item of other income, describe it in

software program.

the new address.

parentheses to the left of the entry

Enter the REMIC’s EIN on Form

Paid Preparer Authorization

space on line 5 instead of attaching a

1066, page 1, item A. If the REMIC

schedule. If the REMIC issued regular

If the REMIC wants to allow the IRS to

does not have its own EIN, it must

interests at a premium, the net amount

discuss its 2008 tax return with the paid

apply for one. A REMIC may apply for

of the premium is income that must be

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

an EIN:

prorated over the term of these

•

box in the signature area of the return.

Online by clicking on the EIN link at

interests. Include this income on line 5.

This authorization applies only to the

The EIN

Deductions — (Lines 7 through 14).

individual whose signature appears in

is issued immediately once the

Include only deductible amounts on

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

application information is validated.

lines 7 through 14. A REMIC is not

•

of the REMIC’s return. It does not apply

By telephone at 1-800-829-4933.

allowed any of the following deductions

•

to the firm, if any, shown in that section.

By mailing or faxing Form SS-4,

in computing its taxable income.

If the “Yes” box is checked, the

Application for Employer Identification

•

The net operating loss deduction.

Number.

REMIC is authorizing the IRS to call the

•

The deduction for taxes paid or

If the REMIC has not received its EIN

paid preparer to answer any questions

accrued to foreign countries and U.S.

that may arise during the processing of

by the time the return is due, write

possessions.

its return. The REMIC is also

“Applied for” in the space for the EIN.

•

The deduction for charitable

authorizing the paid preparer to:

For more details, see Pub. 583.

contributions.

•

Give the IRS any information that is

Item B — Date REMIC started. Enter

The deduction for depletion under

the “startup day” selected by the

missing from the return;

section 611 for oil and gas wells.

•

REMIC.

Call the IRS for information about the

Losses or deductions allocable to

processing of the return or the status of

prohibited transactions.

The startup day is the day on which

any related refund or payment(s); and

the REMIC issued all of its regular and

Line 9 — Amount accrued to regular

•

Respond to certain IRS notices that

residual interests. However, a sponsor

interest holders in the REMIC that is

the REMIC has shared with the

may contribute property to a REMIC in

deductible as interest. Regular

preparer about math errors, offsets, and

exchange for regular and residual

interests in the REMIC are treated as

return preparation.

interests over any period of 10

indebtedness for federal income tax

The REMIC is not authorizing the

consecutive days and the REMIC may

purposes. Enter the amount of interest,

paid preparer to receive any refund

designate any one of those 10 days as

including original issue discount,

-4-

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2008 Page 4

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