26 U.S.C. § 860A

Taxation of REMIC’s

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(a) General rule

Except as otherwise provided in this part, a REMIC shall not be subject to taxation under this subtitle (and shall not be treated as a corporation, partnership, or trust for purposes of this subtitle).

(b) Income taxable to holders

The income of any REMIC shall be taxable to the holders of interests in such REMIC as provided in this part.

(Added Pub. L. 99–514, title VI, § 671(a), Oct. 22, 1986, 100 Stat. 2309; amended Pub. L. 100–647, title I, § 1006(t)(20), Nov. 10, 1988, 102 Stat. 3426.)Editorial NotesAmendments

1988—Subsec. (a). Pub. L. 100–647 substituted “this subtitle” for “this chapter” in two places.

Statutory Notes and Related SubsidiariesEffective Date of 1988 Amendment

Amendment by Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.

Effective Date

Pub. L. 99–514, title VI, § 675(a)–(c), Oct. 22, 1986, 100 Stat. 2320, as amended by Pub. L. 100–647, title I, § 1006(w)(1), Nov. 10, 1988, 102 Stat. 3427, provided that:“(a)General Rule.—Except as otherwise provided in this section, the amendments made by this subtitle [subtitle H (§§ 671–675) of title VI of Pub. L. 99–514, enacting this part and amending sections 582, 593, 856, 1272, 6049, and 7701 of this title] shall take effect on January 1, 1987.“(b)Rules for Accruing Original Issue Discount.—The amendment made by section 672 [amending section 1272 of this title] shall apply to debt instruments issued after December 31, 1986, in taxable years ending after such date.“(c)Treatment of Taxable Mortgage Pools.—“(1)In general.—The amendment made by section 673 [amending section 7701 of this title] shall take effect on January 1, 1992.“(2)Treatment of existing entities.—The amendment made by section 673 shall not apply to any entity in existence on December 31, 1991. The preceding sentence shall cease to apply with respect to any entity as of the 1st day after December 31, 1991, on which there is a substantial transfer of cash or other property to such entity.“(3)Special rule for coordination with wash-sale rules.—Notwithstanding paragraphs (1) and (2), for purposes of applying section 860F(d) of the Internal Revenue Code of 1986 (as added by this part [this subtitle]), the amendment made by section 673 shall apply to taxable years beginning after December 31, 1986.”

Study of Amendments by Pub. L. 99–514

Pub. L. 99–514, title VI, § 675(d), as added by Pub. L. 100–647, title I, § 1006(w)(2), Nov. 10, 1988, 102 Stat. 3427, directed Secretary of the Treasury to conduct a study of the operation of the amendments made by this part [this subtitle] and their competitive impact on savings and loan institutions and similar financial institutions and, not later than Jan. 1, 1990, report to Congress, prior to repeal by Pub. L. 101–508, title XI, § 11832(5), Nov. 5, 1990, 104 Stat. 1388–559.

Notes of Decisions

Cited in 5 cases (1 in the last 5 years), 2012–2023 · leading case: State of New York Ex Rel. Jacobson v. Wells Fargo Nat'l Bank, N.A., 824 F.3d 308 (2d Cir. 2016).

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State of New York Ex Rel. Jacobson v. Wells Fargo Nat'l Bank, N.A., 824 F.3d 308 (2d Cir. 2016). “See 26 U.S.C. §§ 860A(a), (b). A REMIC is exempt from federal income taxation only “as long as the mortgages deposited in the REMIC are ‘qualified mortgages’ under federal tax law and regulation” (Complaint ¶ 1); see 26 U.”

Juárez v. Select Portfolio Servicing, Inc., 708 F.3d 269 (1st Cir. 2013). “See 26 U.S.C. § 860A. The trust was governed by a Pooling and Servicing Agreement (“PSA”).”

Nomura Asset Capital Corp. v. Cadwalader, Wickersham & Taft, 41 N.E.3d 353 (NY 2015). “REMIC qualification is advantageous because it allows the trust to be treated as a pass-through entity and claim certain tax exemptions (see 26 USC § 860A). 4 . Value-to-loan ratio is calculated by dividing the value of the property by the amount of the loan.”

Thomas v. Wells Fargo Bank, N.A., 116 So. 3d 226 (Ala. Civ. App. 2012). “26 U.S.C. § 860A provides: "(a) General rale.”

David E. Stone v. Comm'r of Internal Revenue Serv. (11th Cir. 2023). “See 26 U.S.C. §§ 860A et seq. The REMIC requirements are set forth in 26 U.”

— 26 U.S.C. § 860A(a) — 1 case

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