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