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

Form

1066

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

Department of the Treasury
Internal Revenue Service

Please
Type or
Print

▶ Information

OMB No. 1545-1014

2012

about Form 1066 and its separate instructions is at www.irs.gov/form1066.

Name

For calendar year 2012 or short tax year beginning

, 20

, ending

, 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

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)
Reserved . . . . . . . . . . . . . . .
Ordinary gain or (loss) (attach Form 4797) . . . .
Other income (attach statement—see instructions) .

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4
5

6

Total income (loss). Add lines 1 through 5 .

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6

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Deductions (excluding amounts allocable to prohibited transactions)
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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 statement) . . . . . . . . . . . . . . . . .

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)
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Section II—Tax and Payments
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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 . . . . . . . . . . . . .

▲

Paid
Preparer
Use Only

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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.
▲

Sign
Here

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Signature

Print/Type preparer’s name

Firm’s name

▶

Firm’s address

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For Paperwork Reduction Act Notice, see instructions.

Preparer’s signature

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

Date
Date

Check
if
self-employed

PTIN

Firm's EIN ▶
Phone no.
Cat. No. 64383U

Form 1066 (2012)

Form 1066 (2012)

Schedule J

Page

2

Tax Computation

Part I—Tax on Net Income From Prohibited Transactions
1

Income—See instructions.
a

Gain from certain dispositions of qualified mortgages

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1b

c

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1c

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

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1d

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b Income from nonpermitted assets .
Compensation for services .

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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 .

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4

Net gain or (loss) from the sale or other disposition of foreclosure property described in section
1221(a)(1) (attach statement) . . . . . . . . . . . . . . . . . . . . . . .

5

6

Gross income from foreclosure property (attach statement)

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6

7

Total income from foreclosure property. Add lines 5 and 6 .

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7

8

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

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9

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

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9

10

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

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10

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Part II—Tax on Net Income From Foreclosure Property (as defined in section 860G(a)(8))
(Caution: See instructions before completing this part.)
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 statement) . . . . . . . . . . . . . . . . . . . .

11

Part IV—Total Tax
12

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

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12
Form 1066 (2012)

Form 1066 (2012)

Page

3

Designation of Tax Matters Person
Enter below the residual interest holder designated as the tax matters person (TMP) for the calendar year of this return.
Identifying
number of TMP

▲

Address of
designated TMP

▲ ▲

Name of
designated TMP

Additional Information (see instructions)
E

F
G
H

What type of entity is this REMIC? Check box ▶

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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶

Yes No

At any time during calendar year 2012, 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? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I
J
K
L

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 statement 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
a

Balance Sheets per Books

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

(a) Beginning of year

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b Qualified reserve assets .

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c

Foreclosure property .

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2

Qualified mortgages

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3

Other assets (attach statement)

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4

Total assets .

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5

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Liabilities and Capital
Current liabilities (attach statement) . .

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6

Other liabilities (attach statement) .

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7

Regular interests in REMIC .

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8

Residual interest holders’ capital accounts .

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9

Total liabilities and capital

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Schedule M

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

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(b) End 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

(

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

(f) Withdrawals and
distributions

)(

)
Form 1066 (2012)