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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 Revenue Code, unless otherwise noted.

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

regarding qualification as a REMIC during

Photographs of Missing

can also get most forms and publications

a qualified liquidation.

Children

at your local IRS office.

Making the Election

The Internal Revenue Service is a proud

The election to be treated as a REMIC is

partner with the National Center for

General Instructions

made by timely filing, for the first tax year

Missing and Exploited Children.

of its existence, a Form 1066 signed by

Photographs of missing children selected

Purpose of Form

an authorized person. Once the election

by the Center may appear in instructions

is made, it stays in effect for all years until

Form 1066 is used to report the income,

on pages that would otherwise be blank.

it is terminated.

deductions, and gains and losses from

You can help bring these children home

the operation of a REMIC. In addition, the

by looking at the photographs and calling

First Tax Year

form is used by the REMIC to report and

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

For the first tax year of a REMIC’s

pay the taxes on net income from

recognize a child.

existence, the REMIC must furnish the

prohibited transactions, net income from

following in a separate statement

How To Get Forms and

foreclosure property, and contributions

attached to the REMIC’s initial return:

after the startup day.

Publications

1. Information concerning the terms of

Who Must File

the regular interests and the designated

Personal computer. You can access the

residual interest of the REMIC, or a copy

An entity must file Form 1066 if it elected

IRS website 24 hours a day, 7 days a

of the offering circular or prospectus

to be treated as a REMIC for its first tax

week, at to:

containing such information, and

•

year (and the election is still in effect) and

Order IRS products on-line.

2. A description of the prepayment

•

it meets the section 860D(a) requirements

Download forms, instructions, and

and reinvestment assumptions made in

listed below.

publications.

accordance with section 1272(a)(6) and

•

A REMIC is any entity:

See answers to frequently asked tax

its regulations, including documentation

questions.

1. To which an election to be treated

supporting the selection of the

•

Search publications on-line by topic or

as a REMIC applies for the tax year and

prepayment assumption.

keyword.

all prior tax years,

•

Send us comments or request help by

2. All of the interests in which are

Termination of Election

email.

regular interests or residual interests,

•

If the entity ceased to qualify as a REMIC

3. That has one (and only one) class

under the requirements of section

tax news by email.

of residual interests and all distributions, if

860D(a) in 2003, the election to be a

any, with respect to such interests are pro

You can also reach us using file

REMIC is terminated for 2003 and all

rata,

transfer protocol at ftp.irs.gov.

future years. For 2003 and all future years

4. Substantially all of the assets of

CD-ROM. Order Pub. 1796, Federal Tax

you must file the tax form for similarly

which consist of qualified mortgages and

Products on CD-ROM, and get:

organized entities (corporations,

permitted investments (as of the close of

•

Current year forms, instructions, and

partnerships, trusts, etc.).

the 3rd month beginning after the startup

publications.

day (defined in the instructions for Item B,

•

When To File

Prior year forms, instructions, and

on page 4) and at all times thereafter),

publications.

Generally, REMICs must file the 2003

5. That has a calendar tax year, and

•

Frequently requested tax forms that

Form 1066 by April 15, 2004. However, if

6. For which reasonable

may be filled in electronically, printed out

2003 is the entity’s final return, Form

arrangements have been designed to

for submission, and saved for

1066 is due by the 15th day of the 4th

ensure that (a) residual interests are not

recordkeeping.

month following the date the REMIC

held by disqualified organizations (as

•

The Internal Revenue Bulletin.

ceased to exist.

defined in section 860E(e)(5)), and (b)

Buy the CD-ROM on the Internet at

If you need more time to file a REMIC

information needed to apply section

/cdorders from the National

return, get Form 8736, Application for

860E(e) will be made available by the

Technical Information Service (NTIS) for

Automatic Extension of Time To File U.S.

entity.

$22 (no handling fee) or call

Return for a Partnership, REMIC, or for

Note: Paragraph 6 does not apply to

1-877-CDFORMS (1-877-233-6767) toll

Certain Trusts, to request an automatic

free to buy the CD-ROM for $22 (plus a

REMICs with a startup day before April 1,

3-month extension. You must file Form

1988 (or those formed under a binding

8736 by the regular due date of the

$5 handling fee).

contract in effect on March 31, 1988).

REMIC return.

By phone and in person. You can order

forms and publications 24 hours a day, 7

See section 860G for definitions and

If you have filed Form 8736 and you

days a week, by calling

special rules. See section 860D(a)

still need more time to file the REMIC

Cat. No. 64231R

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2003

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