IRS Form 1066 "U.S. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return"

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Download IRS Form 1066 "U.S. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return"

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1066
U.S. Real Estate Mortgage Investment Conduit
OMB No. 1545-0123
Form
(REMIC) Income Tax Return
2018
Go to www.irs.gov/Form1066 for instructions and the latest information.
Department of the Treasury
Internal Revenue Service
For calendar year 2018 or short tax year beginning
, 20
, ending
, 20
A Employer identification number (EIN)
Name
Please
Number, street, and room or suite no. (If a P.O. box, see instructions.)
B Date REMIC started
Type or
Print
City or town, state or province, country, ZIP or foreign postal 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
1
Taxable interest .
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Accrued market discount under section 860C(b)(1)(B)
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2
3
Reserved .
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Ordinary gain or (loss) (attach Form 4797) .
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Other income (attach statement—see instructions) .
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5
6
Total income (loss). Add lines 1 through 5 .
6
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Deductions (excluding amounts allocable to prohibited transactions)
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Salaries and wages
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Rent
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9
Amount accrued to regular interest holders in the REMIC that is deductible as interest
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10
10
Other interest
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Taxes .
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11
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Depreciation (see instructions) .
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13
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Other deductions (attach statement) .
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14
Total deductions. Add lines 7 through 13 .
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14
15
Taxable income (or net loss). Subtract line 14 from line 6. Enter here and on page 3,
Schedule M, column (c) .
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15
Section II—Tax and Payments
1
Total tax (Schedule J, line 12) .
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1
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Tax paid with Form 7004 .
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2
3
Tax due. Enter excess of line 1 over line 2. See Payment of Tax Due in instructions
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4
Overpayment. Enter excess of line 2 over line 1 .
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4
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my
Sign
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.
Here
May the IRS discuss this return
with the preparer shown below?
Signature
Date
See instructions.
Yes
No
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1066
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2018)
Cat. No. 64383U
1066
U.S. Real Estate Mortgage Investment Conduit
OMB No. 1545-0123
Form
(REMIC) Income Tax Return
2018
Go to www.irs.gov/Form1066 for instructions and the latest information.
Department of the Treasury
Internal Revenue Service
For calendar year 2018 or short tax year beginning
, 20
, ending
, 20
A Employer identification number (EIN)
Name
Please
Number, street, and room or suite no. (If a P.O. box, see instructions.)
B Date REMIC started
Type or
Print
City or town, state or province, country, ZIP or foreign postal 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
1
Taxable interest .
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2
Accrued market discount under section 860C(b)(1)(B)
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2
3
Reserved .
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3
4
4
Ordinary gain or (loss) (attach Form 4797) .
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5
Other income (attach statement—see instructions) .
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5
6
Total income (loss). Add lines 1 through 5 .
6
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Deductions (excluding amounts allocable to prohibited transactions)
7
7
Salaries and wages
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8
Rent
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8
9
Amount accrued to regular interest holders in the REMIC that is deductible as interest
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9
10
10
Other interest
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11
Taxes .
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12
Depreciation (see instructions) .
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13
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Other deductions (attach statement) .
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14
Total deductions. Add lines 7 through 13 .
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14
15
Taxable income (or net loss). Subtract line 14 from line 6. Enter here and on page 3,
Schedule M, column (c) .
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15
Section II—Tax and Payments
1
Total tax (Schedule J, line 12) .
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1
2
Tax paid with Form 7004 .
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2
3
Tax due. Enter excess of line 1 over line 2. See Payment of Tax Due in instructions
3
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4
Overpayment. Enter excess of line 2 over line 1 .
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4
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my
Sign
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.
Here
May the IRS discuss this return
with the preparer shown below?
Signature
Date
See instructions.
Yes
No
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1066
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2018)
Cat. No. 64383U
2
Form 1066 (2018)
Page
Tax Computation
Schedule J
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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b Income from nonpermitted assets .
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1b
c Compensation for services .
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1c
d Gain from the disposition of cash flow investments (except from a qualified liquidation) .
1d
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2
Total income. Add lines 1a through 1d .
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Deductions directly connected with the production of income shown on line 2 (excluding
deductions attributable to prohibited transactions resulting in a loss)
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3
4
Tax on net income from prohibited transactions. Subtract line 3 from line 2 .
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4
Part II—Tax on Net Income From Foreclosure Property (as defined in section 860G(a)(8))
(Caution: See instructions before completing this part.)
5
Net gain or (loss) from the sale or other disposition of foreclosure property described in section
1221(a)(1) (attach statement)
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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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8
8
Deductions directly connected with the production of income shown on line 7 (attach statement) .
9
Net income from foreclosure property. Subtract line 8 from line 7
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Tax on net income from foreclosure property. Enter 21% (0.21) of line 9 .
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Part III—Tax on Contributions After the Startup Day
(Don’t 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) .
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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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1066
Form
(2018)
3
Form 1066 (2018)
Page
Additional Information (see instructions)
E
What type of entity is this REMIC? Check box
Corporation
Partnership
Trust
Yes No
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
F
G
Check this box if this REMIC has more than one residual interest holder and it is electing out of the
centralized partnership audit regime under section 6221(b)
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If you check this box, you must attach Schedule B-2 (Form 1065).
If you have more than one residual interest holder and you didn’t check this box, complete the
Designation of Partnership Representative on page 4.
H
At any time during calendar year 2018, did the REMIC have a financial interest in or signature authority or other
authority over any foreign financial account, including bank, securities, or other types of financial accounts in a
foreign country?
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If “Yes,” the REMIC may have to file FinCEN Form 114. See instructions.
If “Yes,” enter name of foreign country
I
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 .
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Enter the amount of tax-exempt interest accrued during the year
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K
Check this box if the REMIC had more than one class of regular interests
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If so, attach a statement identifying the classes and principal amounts outstanding for each at the end of the year.
L
Enter the sum of the daily accruals determined under section 860E(c) for the calendar year
Balance Sheets per Books
Schedule L
(a) Beginning of year
(b) End of year
Assets
1
Permitted investments (see instructions):
a Cash flow investments
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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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Liabilities and Capital
5
Current liabilities (attach statement) .
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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
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.)
(a) Residual interest
(g) Residual interest
(b) Capital
(c) Taxable income
holders’ capital
(d) Nontaxable
(e) Unallowable
(f) Withdrawals and
holders’ capital accounts
contributed during
(or net loss) from
accounts at
income
deductions
distributions
at end of year (combine
year
Section I, line 15
beginning of year
cols. (a) through (f))
(
) (
)
1066
Form
(2018)
4
Form 1066 (2018)
Page
Designation of Partnership Representative (see instructions)
Enter below the information for the partnership representative (PR) for the calendar year of this return.
U.S. taxpayer
identification
Name of PR
number of PR
U.S. address of
U.S. phone
PR
number of PR
If the PR is an
U.S. taxpayer
entity, name of the
identification
designated
number of the
individual for the
designated
PR
individual
U.S. phone
number of
U.S. address of
designated
designated
individual
individual
1066
Form
(2018)
Page of 4