Instructions For Form 1066 - 2007 printable pdf download

2 0 07

Department of the Treasury

Internal Revenue Service

Instructions for Form 1066

U.S. Real Estate Mortgage Investment Conduit

(REMIC) Income Tax Return

Section references are to the Internal

for $35 (no

The last item in the above list

handling fee) or call 1-877-CDFORMS

does not apply to REMICs with

Revenue Code unless otherwise noted.

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

a startup day before April 1,

CAUTION

Photographs of Missing

CD/DVD for $35 (plus a $5 handling

1988 (or those formed under a binding

fee). Price is subject to change.

contract in effect on March 31, 1988).

Children

See section 860G for definitions and

By phone or in person. You can

The Internal Revenue Service is a

special rules. See section 860D(a)

order 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

How To Get Forms and

income, deductions, and gains 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;

copy of the offering circular or

Who Must File

•

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; and

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

IRS Tax Products CD/DVD. Order

prepayment assumption.

A REMIC is any entity:

•

Pub. 1796, IRS Tax Products CD/DVD,

To which an election to be treated as

Termination of Election

and obtain:

a REMIC applies for the tax year and

•

Current year forms, instructions, and

If the entity ceased to qualify as a

all prior tax years;

publications;

•

REMIC under the requirements of

All of the interests in which are

•

Prior year forms, instructions, and

section 860D(a) in 2007, the election to

regular interests or residual interests;

publications;

•

be a REMIC is terminated for 2007 and

That has one (and only one) class of

•

Bonus: Historical Tax Products DVD

all future years. For 2007 and all future

residual interests and all distributions, if

– Ships with the final release;

years you must file the tax form for

any, with respect to such interests are

•

Tax Map: an electronic research tool

similarly organized entities

pro rata;

and finding aid;

•

(corporations, partnerships, trusts, etc.).

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

Generally, REMICs must file the 2007

close of the third month beginning after

response system;

Form 1066 by April 15, 2008. However,

the startup day (defined in the

•

Fill-in, print, and save features for

if the entity will file its final return in

instructions for Item B — Date REMIC

most tax forms;

2007, Form 1066 is due by the 15th

started, on page 4) and at all times

•

Internal Revenue Bulletins; and

day of the 4th month following the date

thereafter);

•

Toll-free and email technical support.

•

the REMIC ceased to exist.

That has a calendar tax year; and

•

The CD/DVD is released twice

For which reasonable arrangements

If you need more time to file a

during the year. The first release will

have been designed to ensure that

REMIC return, get Form 7004,

ship the beginning of January and the

residual interests are not held by

Application for Automatic 6-Month

final release will ship the beginning of

disqualified organizations (as defined in

Extension of Time To File Certain

March.

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

Business Income Tax, Information, and

Buy the CD/DVD from the National

needed to apply section 860E(e) will be

Other Returns, to request an automatic

Technical Information Service (NTIS) at

made available by the entity.

6-month extension. You must file Form

Cat. No. 64231R

Instructions For Form 1066 - 2007

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