
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC860A]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                  CHAPTER 1--NORMAL TAXES AND SURTAXES
 
Subchapter M--Regulated Investment Companies and Real Estate Investment 
                                 Trusts
 
            PART IV--REAL ESTATE MORTGAGE INVESTMENT CONDUITS
 
Sec. 860A. Taxation of REMIC's


(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, Sec. 671(a), Oct. 22, 1986, 100 Stat. 
2309; amended Pub. L. 100-647, title I, Sec. 1006(t)(20), Nov. 10, 1988, 
102 Stat. 3426.)


                               Amendments

    1988--Subsec. (a). Pub. L. 100-647 substituted ``this subtitle'' for 
``this chapter'' in two places.


                    Effective 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

    Section 675(a)-(c) of subtitle H (Secs. 671-675) of title VI of Pub. 
L. 99-514, as amended by Pub. L. 100-647, title I, Sec. 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 [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

    Section 675(d) of Pub. L. 99-514, as added by Pub. L. 100-647, title 
I, Sec. 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, Sec. 11832(5), Nov. 5, 1990, 104 Stat. 1388-559.
