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return, get Form 8800, Application for

There are exceptions to the economic

to be treated as a small REMIC, the

Additional Extension of Time To File U.S.

performance rule for certain items,

amended return will be a request for

Return for a Partnership, REMIC, or for

including recurring expenses. See section

administrative adjustment, and Form

Certain Trusts, to request an additional

461(h) and the related regulations for the

8082, Notice of Inconsistent Treatment or

extension of up to 3 months. The REMIC

rules for determining when economic

Administrative Adjustment Request

must provide a full explanation of the

performance takes place.

(AAR), must be filed by the Tax Matters

reasons for requesting the extension in

Person. See sections 860F(e) and 6227

Rounding Off to Whole Dollars

order to get this additional extension. Ask

for more information.

The REMIC may round off cents to whole

for the additional extension early so that if

If the REMIC’s Federal return is

dollars on its returns and schedules. If the

it is denied, the return can still be filed on

changed for any reason, it may affect its

REMIC does round to whole dollars, it

time.

state return. This would include changes

must round all amounts. To round, drop

Period Covered

made as a result of an examination of the

amounts under 50 cents and increase

REMIC return by the IRS. Contact the

File the 2003 return for:

amounts from 50 to 99 cents to the next

state tax agency where the state return is

dollar (for example, $1.39 becomes $1

1. Calendar year 2003,

filed for more information.

and $2.50 becomes $3).

2. Short tax years beginning and

Assembling the Return

ending in 2003, or

If two or more amounts must be added

3. Short tax years beginning and

to figure the amount on a line, include

If you need more space on the forms or

ending in 2004, if the 2004 Form 1066 is

cents when adding the amounts and

schedules, attach separate sheets. Use

not available by the time the REMIC is

round off only the total.

the same size and format as on the

required to file its return. However, the

printed forms. But show the totals on

Recordkeeping

REMIC must show its 2004 tax year on

the printed forms. Be sure to put the

The REMIC records must be kept as long

the 2003 Form 1066 and incorporate any

REMIC’s name and employer

as their contents may be material in the

tax law changes that are effective for tax

identification number on each sheet.

administration of any Internal Revenue

years beginning after December 31,

You must complete every applicable

law. Copies of the filed tax returns should

2003.

entry space on Form 1066. If you attach

also be kept as part of the REMIC’s

statements, do not write “See Attached”

Note: In the case of 2 or 3 above, fill in

records. See Pub. 583, Starting a

instead of completing the entry spaces on

the tax year space at the top of the form.

Business and Keeping Records, for more

this form.

information.

Accounting Method

Other Forms and Returns That

Final Return

A REMIC must compute its taxable

May Be Required

income (or net loss) using the accrual

If the REMIC ceases to exist during the

year, check the box at item D(1), page 1,

Form 1096, Annual Summary and

method of accounting. See section

Form 1066.

Transmittal of U.S. Information Returns.

860C(b).

Use this form to summarize and send

The item E(1) box of Schedule Q

Under the accrual method, an amount

information returns to the Internal

(Form 1066) should also be checked to

is includible in income when:

•

Revenue Service Center.

All the events have occurred that fix the

indicate when the schedule is for the final

Form 1098, Mortgage Interest

right to receive the income, which is the

quarter of the year.

Statement. This form is used to report the

earliest of the date: (a) the required

Amended Return

receipt from any individual of $600 or

performance takes place, (b) payment is

If the REMIC files its return and later

more of mortgage interest and points in

due, or (c) payment is received and

•

becomes aware of changes it must make

the course of the REMIC’s trade or

The amount can be determined with

to income, deductions, etc., the REMIC

business.

reasonable accuracy.

should then file an amended:

Forms 1099-A, B, C, INT, LTC, MISC,

See Regulations section 1.451-1(a) for

•

Form 1066 and check the box at item

MSA, OID, R, and S. Use these

details.

D(4), page 1.

information returns to report acquisitions

•

Generally, an accrual basis taxpayer

Schedule Q (Form 1066), for each

or abandonments of secured property;

can deduct accrued expenses in the tax

residual interest holder, and check the

proceeds from broker and barter

year when:

box at item E(2). Give corrected

•

exchange transactions; cancellation of a

All events that determine the liability

Schedules Q (Form 1066) to each

debt; interest income; certain payments

have occurred,

residual interest holder.

•

made under a long-term care insurance

The amount of the liability can be

Note: If a REMIC does not meet the

contract and certain accelerated death

figured with reasonable accuracy, and

small REMIC exception under sections

•

benefits; miscellaneous income

Economic performance takes place

860F(e) and 6231, and related

payments; distributions from an Archer

with respect to the expense.

regulations, or makes the election

MSA or Medicare+Choice MSA; original

described in section 6231(a)(1)(B)(ii) not

issue discount; distributions from

pensions, annuities, retirement or

profit-sharing plans, IRAs, insurance

Where To File

contracts, etc.; and proceeds from real

estate transactions. Also, use these

returns to report amounts that were

File Form 1066 at the applicable IRS address listed below.

received as a nominee on behalf of

If the REMIC’s principal business, office, or Use the following Internal Revenue Service

another person.

agency is located in:

Center address:

For more details, see the Instructions

The United States

Ogden, UT 84201-0007

for Forms 1099, 1098, 5498, and W-2G.

A foreign country or U.S. possession

Philadelphia, PA 19255

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Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2003 Page 2

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