26 U.S.C. § 860A
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).
The income of any REMIC shall be taxable to the holders of interests in such REMIC as provided in this part.
26 U.S.C. § 860A
EDITORIAL NOTES
AMENDMENTS1988-Subsec. (a). Pub. L. 100-647 substituted "this subtitle" for "this chapter" in two places.
STATUTORY NOTES AND RELATED SUBSIDIARIES
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 DATEPub. 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, §11832(5), Nov. 5, 1990, 104 Stat. 1388-559.
- Internal Revenue Code of 1986
- The term "Internal Revenue Code of 1986" means this title, and the term "Internal Revenue Code of 1939" means the Internal Revenue Code enacted February 10, 1939, as amended.
- Secretary of the Treasury
- The term "Secretary of the Treasury" means the Secretary of the Treasury, personally, and shall not include any delegate of his.
- corporation
- The term "corporation" includes associations, joint-stock companies, and insurance companies.