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list each return by the name and

authorization, see Pub. 947, Practice

exempt from tax and interest on tax-free

employer identification number of the

Before the IRS and Power of Attorney.

covenant bonds. You may elect to reduce

REMIC;

the amount of interest accrued on taxable

The authorization cannot be revoked.

2. After the facsimile signature is

bonds by the amount of amortizable bond

However, the authorization will

affixed, no entries on the return may be

premium on those bonds attributable to

automatically end no later than the due

altered other than to correct discernible

the current tax year. See sections 171(c)

date (excluding extensions) for filing the

arithmetic errors;

and 171(e) for details.

2004 tax return.

3. A manually signed copy of the letter

Line 2 — Accrued market discount

submitted to the IRS with the returns, as

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

well as a record of any arithmetic errors

Specific Instructions

amount of market discount attributable to

corrected, must be retained on behalf of

the current tax year determined on the

the REMICs listed in the letter and must

General Information

basis of a constant interest rate under the

be available for inspection by the IRS.

rules of section 1276(b)(2).

Name, address, and employer

Line 3 — Capital gain or (loss). Enter

identification number. Print or type the

Paid preparer’s information. If

the amount shown on line 12 or 13 (if

REMIC’s legal name and address on the

someone prepares the return and does

any), from Schedule D, page 2.

appropriate lines. Include the suite, room,

not charge the REMIC, that person

or other unit number after the street

should not sign the return.

Line 4 — Ordinary gain or (loss). Enter

address. If the Post Office does not

the net gain or (loss) from Part II, Form

Generally, anyone who is paid to

deliver mail to the street address and the

4797, Sales of Business Property.

prepare the REMIC return must sign the

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

Line 5 — Other income. Attach a

return and fill in the “Paid Preparer’s Use

number instead of the street address.

schedule, listing by type and amount, any

Only” area of the return.

Enter the REMIC’s EIN in item A on

other taxable income not reported on

The preparer required to sign the

page 1 of Form 1066. If the REMIC does

lines 1 – 4. If there is only one item of

REMIC’s return must complete the

not have its own EIN, it must apply for

other income, describe it in parentheses

required preparer information and:

one. An EIN may be applied for:

to the left of the entry space on line 5

•

Online — Click on the EIN link at

instead of attaching a schedule. If the

preparer’s signature. A facsimile

The

REMIC issued regular interests at a

signature is acceptable if the preparer

EIN is issued immediately once the

premium, the net amount of the premium

meets the three conditions under

application information is validated.

is income that must be prorated over the

•

Facsimile Signature beginning on page

By telephone at 1-800-829-4933 from

term of these interests. Include this

7:30 a.m. to 5:30 p.m. in the REMIC’s

income on line 5.

•

Give the REMIC a copy of the return in

local time zone.

Deductions — (Lines 7 – 14). Include

•

addition to the copy to be filed with the

By mailing or faxing Form SS-4,

only deductible amounts on lines 7 – 14. A

IRS.

Application for Employer Identification

REMIC is not allowed any of the following

Number.

Paid Preparer Authorization

deductions in computing its taxable

If the REMIC has not received its EIN by

income:

If the REMIC wants to allow the IRS to

the time the return is due, write “Applied

•

The net operating loss deduction,

discuss its 2003 tax return with the paid

for” in the space for the EIN. For more

•

The deduction for taxes paid or

preparer who signed it, check the ‘‘Yes’’

details, see Pub. 583.

accrued to foreign countries and U.S.

box in the signature area of the return.

Note: The online application process is

possessions,

This authorization applies only to the

•

not yet available for REMICs with

The deduction for charitable

individual whose signature appears in the

addresses in foreign countries or Puerto

contributions,

‘‘Paid Preparer’s Use Only’’ section of the

•

Rico

The deduction for depletion under

return. It does not apply to the firm, if any,

section 611 for oil and gas wells, and

Item B — Date REMIC started. Enter the

shown in that section.

•

“startup day” selected by the REMIC.

Losses or deductions allocable to

If the “Yes” box is checked, the REMIC

prohibited transactions.

The startup day is the day on which

is authorizing the IRS to call the paid

the REMIC issued all of its regular and

Line 9 — Amount accrued to regular

preparer to answer any questions that

residual interests. However, a sponsor

interest holders in the REMIC that is

may arise during the processing of its

may contribute property to a REMIC in

deductible as interest. Regular interests

return. The REMIC is also authorizing the

exchange for regular and residual

in the REMIC are treated as indebtedness

paid preparer to:

interests over any period of 10

for Federal income tax purposes. Enter

•

Give the IRS any information that is

consecutive days and the REMIC may

the amount of interest, including original

missing from its return,

designate any one of those 10 days as

issue discount, accruing to regular

•

Call the IRS for information about the

the startup day. The day so designated is

interest holders for the tax year. Do not

processing of its return or the status of

then the startup day, and all interests are

deduct any amounts paid or accrued for

any refund or payment(s), and

treated as issued on that day.

residual interests in the REMIC.

•

Respond to certain IRS notices that the

Item C — Total assets at end of tax

Line 10 — Other interest. Do not include

REMIC has shared with the preparer

year. Enter the total assets of the

interest deducted on line 9 or interest on

about math errors, offsets, and return

REMIC. If there are no assets at the end

indebtedness incurred or continued to

preparation. The notices will not be sent

of the tax year, enter the total assets as of

purchase or carry obligations on which

to the preparer.

the beginning of the tax year.

the interest is wholly exempt from income

The REMIC is not authorizing the paid

tax. You may elect to include amortization

Section I

preparer to receive any refund check,

of bond premium on taxable bonds

bind the REMIC to anything (including

Line 1 — Taxable interest. Enter the

acquired before 1988 unless you elected

any additional tax liability), or otherwise

total taxable interest. “Taxable interest” is

to offset amortizable bond premium

represent it before the IRS. If the REMIC

interest that is included in ordinary

against the interest accrued on the bond

wants to expand the paid preparer’s

income from all sources except interest

(see the Section I, line 1, instructions). Do

-4-

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2003 Page 4

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