1066 U.S. Real Estate Mortgage Investment Conduit (REMIC) Inc

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Form

U.S. Real Estate Mortgage Investment Conduit
(REMIC) Income Tax Return

1066

Department of the Treasury
Internal Revenue Service

Please
Type or
Print

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For calendar year 2007 or short tax year beginning
, 20
 See separate instructions.

Name

OMB No. 1545-1014

, ending

2007

, 20

A Employer identification number

Number, street, and room or suite no. (If a P.O. box, see instructions.)

B Date REMIC started

City or town, state, and ZIP code

C Enter total assets at end of tax year
$

D Check applicable boxes: (1)

Final return

(2)

Name change

(3)

Address change

(4)

Amended return

Section I—Computation of Taxable Income or Net Loss

Income (excluding amounts from prohibited transactions)

1
2
3
4
5

Taxable interest
Accrued market discount under section 860C(b)(1)(B)
Capital gain or (loss) (Schedule D)
Ordinary gain or (loss) (attach Form 4797)
Other income (attach schedule—see instructions)

1
2
3
4
5

6

Total income (loss). Add lines 1 through 5

6

Deductions (excluding amounts allocable to prohibited transactions)

7
8
9
10
11
12
13

Salaries and wages
Rent
Amount accrued to regular interest holders in the REMIC that is deductible as interest
Other interest
Taxes
Depreciation (see instructions)
Other deductions (attach schedule)

7
8
9
10
11
12
13

14
15

Total deductions. Add lines 7 through 13
Taxable income (or net loss). Subtract line 14 from line 6. Enter here and on Schedule M,
column (c)

14
15

Section II—Tax and Payments
1
2
3
4

1
2
3
4

Total tax (Schedule J, line 12)
Tax paid with Form 7004
Tax due. Enter excess of line 1 over line 2. (See Payment of Tax Due in instructions.)
Overpayment. Enter excess of line 2 over line 1

Sign
Here
Paid
Preparer’s
Use Only

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge
and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.





Signature

Preparer’s
signature



Firm’s name (or yours
if self-employed),
address, and ZIP code

Date



For Privacy Act and Paperwork Reduction Act Notice, see instructions.

May the IRS discuss this return
with the preparer shown below
(see instructions)?
Yes
No

Date
Check if selfemployed

Preparer’s SSN or PTIN

EIN
Phone no. (
Cat. No. 64383U

)
Form

1066

(2007)

Page 2
Schedule D Capital Gains and Losses (Caution: Use Form 4797 instead of Schedule D if the startup day was after
November 11, 1991. See instructions.)

Form 1066 (2007)

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Part I—Short-Term Capital Gains and Losses—Assets Held One Year or Less
(a) Description of property
(Example: 100 shares 7% preferred of Z Co.)

(b) Date acquired
(mo., day, yr.)

1

(c) Date sold
(mo., day, yr.)

(d) Sales price
(see instructions)

(f) Gain or (loss)
((d) minus (e))

(e) Cost or other basis
(see instructions)

2
3

Short-term capital gain from installment sales from Form 6252
Short-term capital loss carryover

2
3

4

Net short-term capital gain or (loss). Combine lines 1 through 3

4

(

)

(

)

13 (

)

Part II—Long-Term Capital Gains and Losses—Assets Held More Than One Year
5

6
7
8
9
10

Long-term capital gain from installment sales from Form 6252
Capital gain distributions
Enter gain, if applicable, from Form 4797
Long-term capital loss carryover

6
7
8
9

Net long-term capital gain or (loss). Combine lines 5 through 9

10

Part III—Summary of Parts I and II
11

Combine lines 4 and 10 and enter the net gain or (loss) here

12
13

If line 11 is a gain, enter here and also on line 3, Section I (page 1)
If line 11 is a loss, enter here and as a loss on line 3, Section I (page 1), the smaller of:
a The loss on line 11; or
b ($3,000)

11
12

Part IV—Computation of Capital Loss Carryovers From 2007 to 2008 (Complete this part if the loss on line 11 is
more than the loss on line 13.)
14

Enter loss from line 4. If none, enter -0- and go to line 19

14

15

Enter gain from line 10. If line 10 is blank or shows a loss, enter -0-

15

16

Combine lines 14 and 15

16

17

Enter the smaller of (a) the loss on line 13 or (b) the loss on line 16

17

18

Subtract line 17 from line 16. This is your short-term capital loss carryover from 2007 to 2008

18

19

Enter loss from line 10. If none, enter -0- and skip lines 20 through 23

19

20

Enter gain from line 4. If line 4 is blank or shows a loss, enter -0-

20

21
22

Combine lines 19 and 20
Subtract line 17 from line 13. (Note: If lines 15 through 18 are blank, enter the amount from line
13.)

21

Subtract line 22 from line 21. This is your long-term capital loss carryover from 2007 to 2008

23

23

22

Form

1066

(2007)

Form 1066 (2007)

Schedule J

Page

Tax Computation

3

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Part I—Tax on Net Income From Prohibited Transactions
1

Income—See instructions.

a Gain from certain dispositions of qualified mortgages

1a

b Income from nonpermitted assets

1b

c Compensation for services

d Gain from the disposition of cash flow investments (except from a qualified liquidation)
2
3

4

1c

1d

Total income. Add lines 1a through 1d
Deductions directly connected with the production of income shown on line 2 (excluding
deductions attributable to prohibited transactions resulting in a loss)

2

Tax on net income from prohibited transactions. Subtract line 3 from line 2

4

3

Part II—Tax on Net Income From Foreclosure Property (as defined in section 860G(a)(8))
(Caution: See instructions before completing this part.)
Net gain or (loss) from the sale or other disposition of foreclosure property described in section
1221(a)(1) (attach schedule)

5

6

Gross income from foreclosure property (attach schedule)

6

7

Total income from foreclosure property. Add lines 5 and 6

7

8

Deductions directly connected with the production of income shown on line 7 (attach schedule)

8

9

Net income from foreclosure property. Subtract line 8 from line 7

9

10

Tax on net income from foreclosure property. Enter 35% of line 9

10

5

Part III—Tax on Contributions After the Startup Day
(Do not complete this part if the startup day was before July 1, 1987. See instructions.)
11

Tax. Enter amount of taxable contributions received during the calendar year after the startup
day. See instructions (attach schedule)

11

Part IV—Total Tax
12

Total tax. Add lines 4, 10, and 11. Enter here and on page 1, Section II, line 1

12
Form

1066

(2007)

Form 1066 (2007)

Page

Designation of Tax Matters Person

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4

Enter below the residual interest holder designated as the tax matters person (TMP) for the calendar year of this return.
Name of
designated TMP
Address of
designated TMP




Identifying
number of TMP



Additional Information (see instructions)

What type of entity is this REMIC? Check box

E

F
G
H

I
J
K
L

Corporation
Partnership
Trust
Segregated Pool of Assets
If you checked “Segregated Pool of Assets,” enter the name and type of entity that owns the assets:
Name
Type
Number of residual interest holders in this REMIC 
Check this box if this REMIC is subject to the consolidated entity-level audit procedures of sections 6221

through 6231
At any time during calendar year 2007, did the REMIC have a financial interest in or signature or other authority
over any foreign financial account, including bank, securities, or other types of financial accounts in a foreign
country?
If “Yes,” the REMIC may have to file Form TD F 90-22.1. See instructions.
If “Yes,” enter name of foreign country 
During the tax year, did the REMIC receive a distribution from, or was it the grantor of, or transferor to, a foreign
trust? If “Yes,” see instructions for other forms the REMIC may have to file
Enter the amount of tax-exempt interest accrued during the year 

Check this box if the REMIC had more than one class of regular interests
If so, attach a schedule identifying the classes and principal amounts outstanding for each at the end of the year.
Enter the sum of the daily accruals determined under section 860E(c) for the calendar year 

Schedule L
1

Yes No



Balance Sheets per Books

(a) Beginning of year

(b) End of year

Assets
Permitted investments (see instructions):
a Cash flow investments

b Qualified reserve assets
c Foreclosure property
2

Qualified mortgages

3

Other assets (attach schedule)

4

Total assets

5

Liabilities and Capital
Current liabilities (attach schedule)

6

Other liabilities (attach schedule)

7

Regular interests in REMIC

8

Residual interest holders’ capital accounts

9

Total liabilities and capital

Schedule M
(a) Residual interest
holders’ capital
accounts at
beginning of year

Reconciliation of Residual Interest Holders’ Capital Accounts (Show reconciliation of each
residual interest holder’s capital account quarterly on Schedule Q (Form 1066), Item F.)
(b) Capital
contributed during
year

(c) Taxable income
(or net loss) from
Section I, line 15

(d) Nontaxable
income

(e) Unallowable
deductions

(
Printed on recycled paper

(g) Residual interest
holders’ capital accounts
at end of year (combine
cols. (a) through (f))

(f) Withdrawals and
distributions

) (

)
Form

1066

(2007)