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2006

Department of the Treasury

Internal Revenue Service

Instructions for Form 1066

U.S. Real Estate Mortgage Investment Conduit

(REMIC) Income Tax Return

•

The CD is released twice during the

For which reasonable arrangements

Section references are to the Internal

year. The first release will ship the

have been designed to ensure that

Revenue Code unless otherwise noted.

beginning of January and the final

residual interests are not held by

What’s New

release will ship the beginning of

disqualified organizations (as defined in

March.

section 860E(e)(5)), and information

REMICs that paid the federal telephone

needed to apply section 860E(e) will be

excise tax on long distance or bundled

Buy the CD from the National

made available by the entity.

service may be able to request a credit.

Technical Information Service (NTIS) at

See the instructions for line 2b on page

The last item in the above list

for $25 (no

does not apply to REMICs with

handling fee) or call 1-877-CDFORMS

a startup day before April 1,

(1-877-233-6767) toll free to buy the

CAUTION

Photographs of Missing

1988 (or those formed under a binding

CD for $25 (plus a $5 handling fee).

Price is subject to change.

contract in effect on March 31, 1988).

Children

See section 860G for definitions and

The Internal Revenue Service is a

By phone or in person. You can order

special rules. See section 860D(a)

forms and publications by calling

proud partner with the National Center

regarding qualification as a REMIC

1-800-TAX-FORM (1-800-829-3676).

for Missing and Exploited Children.

during a qualified liquidation.

You can also get most forms and

Photographs of missing children

publications at your local IRS office.

selected by the Center may appear in

Making the Election

instructions on pages that would

The election to be treated as a REMIC

otherwise be blank. You can help bring

is made by timely filing, for the first tax

these children home by looking at the

General Instructions

year of its existence, a Form 1066

photographs and calling

signed by an authorized person. Once

1-800-THE-LOST (1-800-843-5678) if

Purpose of Form

the election is made, it stays in effect

you recognize a child.

for all years until it is terminated.

Form 1066 is used to report the

income, deductions, and gains and

How To Get Forms and

First Tax Year

losses from the operation of a REMIC.

Publications

For the first tax year of a REMIC’s

In addition, the form is used by the

existence, the REMIC must furnish the

REMIC to report and pay the taxes on

Internet. You can access the IRS

following in a separate statement

net income from prohibited

website 24 hours a day, 7 days a week,

attached to the REMIC’s initial return.

transactions, net income from

•

at to take the following

Information concerning the terms of

foreclosure property, and contributions

actions.

the regular interests and the designated

after the startup day.

•

Download forms, instructions, and

residual interest of the REMIC, or a

publications;

Who Must File

copy of the offering circular or

•

Order IRS products online;

prospectus containing such information.

•

An entity must file Form 1066 if it

•

Research your tax questions online;

A description of the prepayment and

•

elected to be treated as a REMIC for its

Search publications online by topic or

reinvestment assumptions made in

first tax year (and the election is still in

keyword;

accordance with section 1272(a)(6) and

•

effect) and it meets the section 860D(a)

its regulations, including documentation

requirements listed below.

tax news by email.

supporting the selection of the

prepayment assumption.

IRS Tax Products CD. Order Pub.

A REMIC is any entity:

•

1796, IRS Tax Products CD, and

To which an election to be treated as

Termination of Election

obtain:

a REMIC applies for the tax year and

•

Current year forms, instructions, and

all prior tax years;

If the entity ceased to qualify as a

•

REMIC under the requirements of

publications;

All of the interests in which are

•

section 860D(a) in 2006, the election to

Prior year forms, instructions, and

regular interests or residual interests;

•

be a REMIC is terminated for 2006 and

publications;

That has one (and only one) class of

•

Bonus: Historical Tax Products DVD

residual interests and all distributions, if

all future years. For 2006 and all future

– Ships with the final release;

any, with respect to such interests are

years you must file the tax form for

•

Tax Map: an electronic research tool

pro rata;

similarly organized entities

•

(corporations, partnerships, trusts, etc.).

and finding aid;

Substantially all of the assets of

•

Tax law frequently asked questions

which consist of qualified mortgages

When To File

(FAQs);

and permitted investments (as of the

•

Tax Topics from the IRS telephone

close of the third month beginning after

Generally, REMICs must file the 2006

response system;

the startup day (defined in the

Form 1066 by April 16, 2007. However,

•

Fill-in, print, and save features for

instructions for Item B — Date REMIC

if the entity will file its final return in

most tax forms;

started, on page 4) and at all times

2006, Form 1066 is due by the 15th

•

Internal Revenue Bulletins; and

thereafter);

day of the 4th month following the date

•

Toll-free and email technical support.

That has a calendar tax year; and

the REMIC ceased to exist.

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2006

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