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IRS guidance on REMICs and REITs with respect to the Home Affordable Refinance Program

Morrison & Foerster LLP
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USA
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February 2 2012

In late December, the IRS issued guidance (Notice 2012-5 and Rev. Proc. 2012-14) that relaxed the real estate mortgage investment conduit (“REMIC”) and real estate investment trust (“REIT”) rules to accommodate refinanced “underwater” loans in Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) sponsored single family mortgagebacked securities

IRS rules that money market fund shares are "cash" for REIT asset test purposes

Morrison & Foerster LLP
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USA
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July 9 2012

On June 18, 2012, the IRS issued Revenue Ruling 2012-17, which addressed whether shares in a money market fund are categorized as “cash and cash items” for purposes of the 75 percent value test of Section 856

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Jurisdiction - USA
Workarea - Commercial Property
Workarea - Capital Markets
Workarea - Corporate Tax
Author - Anna T. Pinedo
Author - Stephen L. Feldman

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IRS guidance on REMICs and REITs with respect to the Home Affordable Refinance Program

IRS rules that money market fund shares are "cash" for REIT asset test purposes

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