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U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax ...
Get U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax ...
Year beginning , 20 , ending OMB No. 1545-1014 2011 , 20 See separate instructions. 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).
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Cols FAQ
A real estate mortgage investment conduit (REMIC) is an entity that holds a fixed pool of mortgages and issues multiple classes of interests to investors ( Code Sec. 860D; Reg. §1.860D-1). A REMIC is treated like a partnership for federal tax purposes with its income passed through to its interest holders ( ¶2344).
(3) Qualified mortgage The term “qualified mortgage” means— (A) any obligation (including any participation or certificate of beneficial ownership therein) which is principally secured by an interest in real property and which— (i) is transferred to the REMIC on the startup day in exchange for regular or residual ...
REMICs are exclusively used for mortgage-backed securities and CMBS pools, while REITs typically buy, own, and operate income-generating real estate assets. However, some REITs are active in acquiring commercial mortgage-backed securities.
A Real Estate Mortgage Investment Conduit (REMIC) is a type of multiclass mortgage-related security in which interest and principal payments from the mortgage-related assets serving as collateral are structured into separately traded securities called classes.
REMICs are complex investments that generate income for issuers and investors. Mortgage pools are generally broken up into tranches, repackaged, and marketed to investors as individual securities. 1 REMICs can take on several different forms and are generally deemed pass-through entities.
In order to qualify as a real estate mortgage investment conduit (REMIC) ( ¶2343), substantially all of an entity's assets must consist of qualified mortgages and permitted investments at the close of the third month beginning after the start-up day and all times thereafter ( Code Sec. 860D(a)(4)).
REMIC taxable income is determined in the same manner as that of an individual, except that it must use the accrual method of accounting and make the following adjustments: Regular interests in the REMIC are treated as debt. Market discount on any bond is included in gross income as the discount accrues.
REMICs are exclusively used for mortgage-backed securities and CMBS pools, while REITs typically buy, own, and operate income-generating real estate assets. However, some REITs are active in acquiring commercial mortgage-backed securities.
Accruals Related content
26 CFR § 1.860D-1 - Definition of a REMIC....
A real estate mortgage investment conduit (or REMIC) is a qualified entity, as defined in...
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