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only segregated pools of assets, the return

premium on those bonds attributable to

Specific Instructions

would be signed by any person who could

the current tax year. See sections 171(c)

sign the return of the entity owning the

and 171(e) for details.

General Information

assets of the REMIC under applicable

Line 2—Accrued market discount un-

state law.

Name, address, and EIN. Print or type

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

the REMIC's legal name and address on

Paid preparer's information. If

amount of market discount attributable to

the appropriate lines. Include the suite,

someone prepares the return and doesn't

the current tax year determined on the

room, or other unit number after the street

charge the REMIC, that person shouldn't

basis of a constant interest rate under the

address. If the Post Office doesn't deliver

sign the return or complete the paid

rules of section 1276(b)(2).

mail to the street address and the REMIC

preparer's space. Generally, anyone who

Line 4—Ordinary gain or (loss). Enter

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

is paid to prepare the REMIC return must

the net gain or (loss) from Form 4797,

instead. If the REMIC receives its mail in

sign the return and fill in the “Paid

Sales of Business Property, Part II.

care of a third party (such as an

Preparer Use Only” area.

accountant or attorney), enter on the

Line 5—Other income. Attach a

The paid preparer must:

street address line “C/O” followed by the

statement listing by type and amount any

Complete the required preparer

third party's name and street address or

other taxable income not reported on lines

information,

P.O. box. If the REMIC has changed its

1 through 4. If there is only one item of

Sign the return in the space provided

address since it last filed a return

other income, describe it in parentheses to

for the preparer's signature, and

(including a change to an “in care of”

the left of the entry space on line 5 instead

Give the REMIC a copy of the return.

address), check the box for item D(3),

of attaching a statement.

“Address change.”

Note. A paid preparer may sign original

If the REMIC issued regular interests at

returns, amended returns, or requests for

a premium, the net amount of the premium

Note. If a change in address or

filing extensions by rubber stamp,

is income that must be prorated over the

responsible party occurs after the return is

mechanical device, or computer software

term of these interests. Include this

filed, use Form 8822-B to notify the IRS of

program.

income on line 5.

the change.

Paid Preparer Authorization

Generally, cancellation of REMIC debt

Enter the REMIC's EIN on Form 1066,

(for example, cancellation of unpaid

page 1, item A. If the REMIC doesn't have

If the REMIC wants to allow the IRS to

principal and accrued but unpaid interest

its own EIN, it must apply for one. A

discuss its 2017 tax return with the paid

owed to a REMIC regular interest holder)

REMIC may apply for an EIN by one of the

preparer who signed it, check the "Yes"

should be recognized as income and

methods discussed below.

box in the signature area of the return.

reported on line 5. Attach a supporting

Online by going to IRS.gov/EIN. The

This authorization applies only to the

statement to line 5 to separately disclose

EIN is issued immediately once the

individual whose signature appears in the

income from cancellation of REMIC debt.

application information is validated.

"Paid Preparer Use Only" section of the

REMICs with a startup date before

By mailing or faxing Form SS-4 to the

REMIC's return. It doesn't apply to the

November 12, 1991, enter any capital gain

IRS.

firm, if any, shown in that section.

or (loss) on line 5. The REMIC can use the

If the REMIC hasn't received its EIN by the

Schedule D, included in the 2011 Form

time the return is due, write “Applied for” in

If the “Yes” box is checked, the REMIC

1066, or a statement showing the same

the space for the EIN. For more details,

is authorizing the IRS to call the paid

information as it appears on the

preparer to answer any questions that

see Pub. 583.

Schedule D, included in the 2011 Form

may arise during the processing of its

Item B—Date REMIC started. Enter the

1066, to figure the capital gain (loss).

return. The REMIC is also authorizing the

“startup day” selected by the REMIC.

Attach the schedule or statement to Form

paid preparer to:

The startup day is the day on which the

1066.

REMIC issued all of its regular and

Give the IRS any information that is

Deductions—(Lines 7 through 14).

residual interests. However, a sponsor

missing from the return;

Include only deductible amounts on lines 7

may contribute property to a REMIC in

Call the IRS for information about the

through 14. A REMIC isn't allowed any of

exchange for regular and residual

processing of the return or the status of

the following deductions in computing its

interests over any period of 10

any related refund or payment(s); and

taxable income.

consecutive days and the REMIC may

Respond to certain IRS notices that the

The net operating loss deduction.

designate any one of those 10 days as the

REMIC has shared with the preparer

The deduction for taxes paid or accrued

startup day. The day so designated is then

about math errors, offsets, and return

to foreign countries and U.S. possessions.

the startup day, and all interests are

preparation.

The deduction for charitable

treated as issued on that day.

contributions.

The REMIC isn't authorizing the paid

Item C—Total assets at end of tax

The deduction for depletion under

preparer to receive any refund check, bind

year. Enter the total assets of the REMIC.

section 611 for oil and gas wells.

the REMIC to anything (including any

If there are no assets at the end of the tax

Losses or deductions allocable to

additional tax liability), or otherwise

year, enter the total assets as of the

prohibited transactions.

represent the REMIC before the IRS.

beginning of the tax year.

Line 9—Amount accrued to regular in-

The authorization can't be revoked.

Section I

terest holders in the REMIC that is de-

However, the authorization will

ductible as interest. Regular interests in

Line 1—Taxable interest. Enter the total

automatically end no later than the due

the REMIC are treated as indebtedness

taxable interest. “Taxable interest” is

date (excluding extensions) for filing the

for federal income tax purposes. Enter the

interest that is included in ordinary income

REMIC's 2018 tax return. If the REMIC

amount of interest, including original issue

from all sources except interest exempt

wants to expand the paid preparer's

discount, accruing to regular interest

from tax and interest on tax-free covenant

authorization or revoke the authorization

holders for the tax year. Don't deduct any

bonds. You may elect to reduce the

before it ends, see Pub. 947, Practice

amounts paid or accrued for residual

amount of interest accrued on taxable

Before the IRS and Power of Attorney.

interests in the REMIC.

bonds by the amount of amortizable bond

-4-

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2017 Page 4

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