Form N-66 - Schedule Q - Quarterly Notice To Residual Interest Holder Of Remic Taxable Income Or Net Loss Allocation Page 6
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6Instructions for REMIC
categories of assets, and may not be changed in succeeding calendar
quarters without Department of Taxation’s consent. If the percentage of
(Section references are to the Internal Revenue Code unless otherwise
the REMIC’s assets for either category is at least 95%, the REMIC may
noted.)
show “95 or more” for that category in item C.
Purpose
Note: If less than 95% of the assets of the REMIC are real estate assets
(as defined in section 856(c)(5)(B)), the REMIC must also report to any
Schedule Q (Form N-66) shows each residual interest holder’s share of
real estate investment trust that holds a residual interest the information
specified in Treasury Regulations section 1.860F-4(e)(1)(ii)(B). However,
the REMIC’s quarterly taxable income (or net loss), the excess inclusion
with respect to the residual interest holder’s interest, and the residual
if a REMIC is an “eligible REMIC” as defined in Internal Revenue Bulletin:
2012-3, Notice 2012-5, pages 291-293, and a percentage of its assets
interest holder’s share of the REMIC’s section 212 expenses for the
quarter.
represented by either of the categories of assets described under REMIC
assets, earlier, was less than 95% but at least 80%, then the REMIC need
Although the REMIC is not subject to income tax, the residual interest
only specify in Item C that the percentage for that category was at least
holders are liable for tax on their share of the REMIC’s taxable income,
80%.
whether or not distributed, and must include their share on their tax
Item E. Reconciliation of residual interest holder’s capital account.—
returns.
General Instructions
Show what caused the changes in the residual interest holders’ capital
accounts during the tax year.
Complete Schedule Q (Form N-66) for each person who was a residual
The amounts shown should agree with the REMIC’s books and records
interest holder at any time during the calendar quarter. File Copy A with
and the balance sheet amounts. Attach a statement explaining any
Form N-66. Give Copy B to the residual interest holder by the last day of
differences.
the month following the month in which the calendar quarter ends. Keep
Include in column (d) tax-exempt interest income, other tax-exempt
Copy C with a copy of Form N-66 as part of the REMIC’s records.
income, income from prohibited transactions, income recorded on the
Rounding Off to Whole-Dollar Amounts — The Department of Taxation
REMIC’s books but not included on this return, and allowable deductions
is requiring all business income tax filers to round off cents to the nearest
not charged against book income this year.
whole dollar for all dollar entries on the tax return and schedules.
Include in column (e) capital losses in excess of the $3,000 limitation,
Specific Instructions
other nondeductible amounts (such as losses from prohibited transactions
and expenses connected with the production of tax-exempt income),
On each Schedule Q, enter the names, addresses, and identifying
deductions allocable to prohibited transactions, expenses recorded on
numbers of the residual interest holder and REMIC. For each residual
books not deducted on this return, and taxable income not recorded on
interest holder that is an individual, you must enter the residual interest
books this year.
holder’s social security number (SSN). If the individual is an alien who
Line 1a. Taxable income (net loss) of the REMIC for the calendar
does not have, and is not eligible to obtain, an SSN, the alien must enter
quarter.—Enter the REMIC’s taxable income (or net loss) for the calendar
the individual taxpayer identification number (ITIN) issued to the alien by
quarter. The sum of the totals for the four quarters in the calendar year
the Internal Revenue Service. If the individual has applied for an ITIN
must equal the amounts shown on line 15, section I of Form N-66.
but the IRS has not yet issued the ITIN, write “Applied For”. For all other
Line 1b. Your share of the taxable income (net loss) for the calendar
residual interest holders you must enter the residual interest holder’s
quarter.—Enter the residual interest holder’s share of the taxable income
federal employer identification number. (However, if a residual interest
(or net loss) shown on line 1a (determined by adding such holder’s daily
holder is an individual retirement arrangement (IRA), enter the identifying
portions under section 860C(a)(2) for each day in the quarter such holder
number of the IRA trust. Do not enter the SSN of the individual for whom
held the residual interest). If line 1a is a loss, enter the residual interest
the IRA is maintained.)
holder’s full share of the loss, without regard to the adjusted basis of the
Item A. What type of entity is this residual interest holder?—State
residual holder’s interest in the REMIC.
on this line whether the residual interest holder is an individual, a
Line 2a. Sum of the daily accruals under section 860E for all residual
corporation, an estate, a trust, a partnership, an exempt organization, a
interests for the calendar quarter.—Enter the product of the sum of
nominee (custodian), or another REMIC. If the residual interest holder is
the adjusted issue prices of all residual interests at the beginning of the
a nominee, use the following codes to indicate in parentheses the type of
quarter and 120% of the long-term Federal rate (determined on the basis
entity the nominee represents: I - Individual; C - Corporation; F - Estate
of compounding at the end of each quarter and properly adjusted for the
or Trust; P - Partnership; E - Exempt Organization; R - REMIC; or IRA -
length of such quarter). See section 860E(c) for details.
Individual Retirement Arrangement
Line 2b. Sum of the daily accruals under section 860E with respect
Item B. Residual interest holder’s percentage of ownership.—
to your interest.—Enter zero if line 2a is zero. Otherwise, divide the
Enter in item B(ii) the percentage existing at the end of the calendar
amount shown on line 2a by the number of days in the quarter. Multiply
quarter. However, if a residual interest holder’s percentage of ownership
the result by the residual interest holder’s percentage of ownership for
changed during the quarter, enter in item B(i) the percentage that existed
each day in the quarter that the residual interest holder owned the interest.
immediately before the change. If there are multiple changes in the
Total the daily amounts and enter the result.
percentage of ownership during the quarter, attach a statement giving the
Line 3. Complete lines 3a and 3b only for residual interest holders
date and percentage before each change.
who are individuals or other pass-through interest holders (as
Item C. REMIC assets.—Enter in Item C the percentage of the REMIC’s
defined in Treasury Temporary Regulations section 1.67-3T).
assets during the calendar quarter represented by each of the following
Line 3a. Section 212 expenses of the REMIC for the calendar
categories of assets:
quarter.—Enter the REMIC’s allocable section 212 expenses for the
(1) Real estate assets under section 856(c)(5)(B); and
calendar quarter. The term “allocable section 212 expenses” means the
(2) Assets described in section 7701(a)(19)(C)(relating to the
aggregate amount of the expenses paid or accrued in the calendar quarter
definition of a domestic building and loan association).
for which a deduction is allowable under section 212 in determining the
These percentages must be computed using the average adjusted
taxable income of the REMIC for the calendar quarter.
basis of the assets held during the calendar quarter. In computing the
Section 212 expenses generally include operational expenses such
average adjusted basis of the assets held during each calendar quarter,
as rent, salaries, legal and accounting fees, the cost of preparing and
the REMIC must make the appropriate computation as of the close of
distributing reports and notices to interest holders, and litigation expenses.
each month, week, or day and then average the monthly, weekly, or daily
Line 3b. Your share of section 212 expenses for the calendar
percentages for the quarter. The monthly, weekly, or daily computation
quarter.—Enter the residual interest holder’s share of the amount shown
period must be applied uniformly during the calendar quarter to both
on line 3a.
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