Hawaii Real Estate Investment Mortgage Conduit Income Tax

Real Estate Investment Mortgage Conduit Income Tax
Form N-66, Rev. 2022, Real Estate Mortgage Investment Conduit Income Tax Return
Clear Form
STATE OF HAWAII — DEPARTMENT OF TAXATION

Real Estate Mortgage Investment
Conduit Income Tax Return

FORM

N-66
(REV. 2023)

	
PRINT OR TYPE

2023

For calendar year 2023 or
short tax year beginning      , 20  , ending      , 20  
† See separate Instructions.

N66_I 2023A 01 VID01

Name

A Federal Employer I.D. No.

Mailing Address (number and street)

B Date REMIC started

City or Town, State, and Postal/ZIP code. If you have a foreign address, see Instructions.

C Enter total assets at end of tax year

D	 Check applicable boxes:	 (1)	

Final return	

(2)	

Name change	

$
(3)	

Amended return	

(4)	

IRS Adjustment

E Hawaii Tax I.D. No.

Section I. — Computation of Taxable Income or Net Loss

Income — excluding amounts from prohibited transactions
1	 Taxable interest....................................................................................................................................................	
2	 Accrued market discount under IRC section 860C(b)(1)(B)................................................................................	
3	Reserved..............................................................................................................................................................	
4	 Ordinary gain (or loss) (attach Schedule D-1).....................................................................................................	
5	 Other income (attach schedule)...........................................................................................................................	

1
2
3
4
5

6	Total income (or loss) (add lines 1 through 5).....................................................................................................	

6

Deductions — excluding amounts from prohibited transactions
7	 Salaries and wages..............................................................................................................................................	
8	Rent	
.....................................................................................................................................................................	
9	 Amount accrued to regular interest holders in the REMIC that is deductible as interest.....................................	
10	 Other interest.......................................................................................................................................................	
11	Taxes....................................................................................................................................................................	
12	 Depreciation from federal Form 4562..................................................................................................................	
13	 Other deductions (attach schedule).....................................................................................................................	

7
8
9
10
11
12
13

14	 Total deductions (add lines 7 through 13)...........................................................................................................	

14

15	 Taxable income (or net loss) (line 6 less line 14). Enter here and on Schedule M, column (c)...........................	

15

DECLARATION

Please Sign Here

I declare, under the penalties set forth in section 231-36, HRS, that this return (including any accompanying schedules or statements) has been examined by me and, to the best of my
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.

† .	

	

	Signature	
	

.	

†	 		

Date

				

Print or type name	

Title

 May the Hawaii Department of Taxation discuss this return with the preparer shown below? (See page 2 of the Instructions.) 
     Note: This designee does not replace the power of attorney form.
Preparer’s
Signature

Paid
Preparer’s
Use Only

Date

†

Type or Print
Preparer’s Name

Federal
E.I. No.

†

Firm’s name (or yours
if self-employed), Address
and Postal/ZIP Code

Check if
self-employed

†

No

Preparer’s identification number

†

Phone no.

ID NO 01

Yes  

†
FORM N-66 (REV. 2023)

FORM N-66 (REV. 2023)	

PAGE 2

Designation of Tax Matters Person
Enter below the residual interest holder designated as the tax matters person (TMP) for the calendar year of this return:
Name of		
Identifying
designated TMP	 †	
number of TMP	 †
Address of
designated TMP	

†

Additional Information
F	
What type of entity is this REMIC? Check box †	
		

Corporation	
Partnership	
Segregated Pool of Assets

Trust

	
If you checked “Segregated Pool of Assets,” state name and type of entity that owns the assets:
	Name__________________________________________________ Type____________________________
G	
Number of residual interest holders in this REMIC †_____________ .
H	
I	
	
J	

Enter the amount of tax-exempt interest accrued during the year †_____________ .

Check this box if the REMIC has more than one class of regular interests............................................... † 
If so, attach a schedule identifying the classes and principal amounts outstanding for each at the end of the year.
Enter the sum of the daily accruals determined under IRC section 860E (c) for the calendar year †

Schedule L

Balance Sheets per Books	

(a) Beginning of year	

(b) End of year

Assets
1		 Permitted investments (see Instructions):
	 a	 Cash flow investments....................................................................................
	 b	 Qualified reserve assets.................................................................................
	 c	 Foreclosure property......................................................................................
2	 	 Qualified mortgages.......................................................................................
3		 Other assets (attach schedule).......................................................................
4	 	Total assets....................................................................................................
Liabilities and Capital
5		 Current liabilities (attach schedule)................................................................
6		 Other liabilities (attach schedule)...................................................................
7		 Regular interests in REMIC............................................................................
8		 Residual interest holders’ capital accounts.....................................................
9		 Total liabilities and capital..............................................................................

Schedule M
(a) Residual interest
holders’ capital accounts
at beginning of year

Reconciliation of Residual Interest Holders’ Capital Accounts

Show reconciliation of each residual interest holders’ capital account quarterly on Schedule Q (Form N-66), Item E.)
(b) Capital
contributed during
year

(c) Taxable income
(net loss) from Section I,
line 15

(d) Nontaxable
income

(e) Unallowable
deductions

(

(g) Residual interest
holders’ capital accounts
at end of year (combine
cols. (a) through (f))

(f) Withdrawals and
distributions

)(

)

FORM N-66 (REV. 2023)