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26 U.S.C. § 860A — Taxation of REMIC’s
Federal law — U.S. Code and appendices · legal_authorities
**(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.
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Source location: Title 26, Chapter 1, § 860A; chapter-001-normal-taxes-and-surtaxes.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Original issue discount included in income on basis of constant interest rate**
(1) **General rule** — For purposes of this title, there shall be included in the gross income of the holder of any debt instrument having original issue discount, an amount equal to the sum of the daily portions of the original issue discount for each day during the taxable year on which such holder held such debt instrument.
(2) **Exceptions** — Paragraph (1) shall not apply to—
(A) *Tax-exempt obligations* — Any tax-exempt obligation.
(B) *United States savings bonds* — Any United States savings bond.
(C) *Short-term obligations* — Any debt instrument which has a fixed maturity date not more than 1 year from the date of issue.
(D) *Loans between natural persons*
(i) *In general* — Any loan made by a natural person to another natural person if—
(I) such loan is not made in the course of a trade or business of the lender, and
(II) the amount of such loan (when increased by the outstanding amount of prior loans by such natural person to such other natural person) does not exceed $10,000.
(ii) *Clause (i) not to apply where tax avoidance a principal purpose* — Clause (i) shall not apply if the loan has as 1 of its principal purposes the avoidance of any Federal tax.
(iii) *Treatment of husband and wife* — For purposes of this subparagraph, a husband and wife shall be treated as 1 person. The preceding sentence shall not apply where the spouses lived apart at all times during the taxable year in which the loan is made.
(3) **Determination of daily portions** — For purposes of paragraph (1), the daily portion of the original issue discount on any debt instrument shall be determined by allocating to each day in any accrual period its ratable port
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1272
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** When used in this title, where not otherwise distinctly expressed or manifestly incompatible with the intent thereof—
(1) **Person** — The term “person” shall be construed to mean an+d include an individual, a trust, estate, partnership, association, company or corporation.
(2) **Partnership and partner** — The term “partnership” includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term “partner” includes a member in such a syndicate, group, pool, joint venture, or organization.
(3) **Corporation** — The term “corporation” includes associations, joint-stock companies, and insurance companies.
(4) **Domestic** — The term “domestic” when applied to a corporation or partnership means created or organized in the United States or under the law of the United States or of any State unless, in the case of a partnership, the Secretary provides otherwise by regulations.
(5) **Foreign** — The term “foreign” when applied to a corporation or partnership means a corporation or partnership which is not domestic.
(6) **Fiduciary** — The term “fiduciary” means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person.
(7) **Stock** — The term “stock” includes shares in an association, joint-stock company, or insurance company.
(8) **Shareholder** — The term “shareholder” includes a member in an association, joint-stock company, or insurance company.
(9) **United States** — The term “United States” when used in a geographical sense includes only the States and the District of Columb
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 7701
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Federal law — U.S. Code and appendices · legal_authorities
Page 2013
TITLE 26—INTERNAL REVENUE CODE
§ 860B
see section 301(h) of Pub. L. 111–325, set out as a note
under section 852 of this title.
Pub. L. 111–325, title V, § 501(c), Dec. 22, 2010, 124 Stat.
3554, provided that: ‘‘The amendments made by this
section [amending this section and repealing section
6697 of this title] shall apply to taxable years beginning
after the date of the enactment of this Act [Dec. 22,
2010].’’
EFFECTIVE DATE OF 2004 AMENDMENT
Amendment by Pub. L. 108–357 applicable to state-
ments filed after Oct. 22, 2004, see section 243(g)(4)(E) of
Pub. L. 108–357, set out as a note under section 856 of
this title.
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by Pub. L. 99–514 applicable to taxable
years beginning after Dec. 31, 1986, see section 669 of
Pub. L. 99–514, set out as a note under section 856 of
this title.
EFFECTIVE DATE
Pub. L. 95–600, title III, § 362(e), Nov. 6, 1978, 92 Stat.
2852, as amended by Pub. L. 96–222, title I, § 103(a)(11)(A),
Apr. 1, 1980, 94 Stat. 212; Pub. L. 99–514, § 2, Oct. 22, 1986,
100 Stat. 2095, provided that: ‘‘The amendments made
by this section [enacting this section, amending sec-
tions 316, 381, 852, 857, 6422, 6503, 6515, and 6697 of this
title, repealing section 859 of this title, and redesig-
nating prior section 860 as 859 of this title] shall apply
with respect to determinations (as defined in section
860(e) of the Internal Revenue Code of 1986 [formerly
I.R.C. 1954]) after the date of the enactment of this Act
[Nov. 6, 1978].’’
PART IV—REAL ESTATE MORTGAGE
INVESTMENT CONDUITS
Sec.
860A.
Taxation of REMIC’s.
860B.
Taxation of holders of regular interests.
860C.
Taxation of residual interests.
860D.
REMIC defined.
860E.
Treatment of income in excess of daily accru-
als on re
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 860A
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