[Code of Federal Regulations]
[Title 26, Volume 13]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR]

[Page 418-419]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
Procedure and Administration--Table of Contents
 
Sec.  1.6081-7  Automatic extension of time to file Real Estate Mortgage 
Investment Conduit (REMIC) income tax return.

    (a) In general. A Real Estate Mortgage Investment Conduit (REMIC) 
required to file an income tax return on Form 1066, U.S. Real Estate 
Mortgage Investment Conduit Income Tax Return, for any taxable year will 
be allowed an automatic 3-month extension of time to file the return 
after the date prescribed for filing the return if an application under 
this section is filed in accordance with paragraph (b) of this section.
    (b) Requirements. To satisfy this paragraph (b), an application for 
an automatic extension under this section must--
    (1) Be submitted on Form 8736, Application for Automatic Extension 
of Time To File U.S. Return for a Partnership, REMIC or for Certain 
Trusts, or in any other manner as may be prescribed by the Commissioner;
    (2) Be filed on or before the date prescribed for filing the REMIC 
income tax return with the Internal Revenue Service office designated in 
the application's instructions; and
    (3) Show the full amount properly estimated as tax for the REMIC for 
the taxable year.
    (c) Effect of extension on residual or regular interest holders. An 
automatic

[[Page 419]]

extension of time to file a REMIC income tax return under this section 
will not operate to extend the time for filing the income tax return of 
a residual or regular interest holder of the REMIC or the time for the 
payment of any tax due on the residual or regular interest holder's 
income tax return.
    (d) Termination of automatic extension. The district director, 
including the Assistant Commissioner (International), or the director of 
a service center may terminate at any time an automatic extension by 
mailing to the REMIC a notice of termination. The notice must be mailed 
at least 10 days prior to the termination date designated in such 
notice. The notice of termination must be mailed to the address shown on 
Form 8736 or to the REMIC's last known address. For further guidance 
regarding the definition of last known address, see Sec.  301.6212-2 of 
this chapter.
    (e) Penalties. See sections 6698 and 6651 for failure to file a 
REMIC income tax return or failure to pay the amount shown as tax on the 
return.
    (f) Coordination with Sec.  1.6081-1. Except in undue hardship 
cases, no extension of time for filing a REMIC income tax return will be 
granted under Sec.  1.6081-1 until an automatic extension has been 
allowed pursuant to the provisions of this section.
    (g) Effective date. This section is effective for applications for 
an automatic extension of time to file a REMIC income tax return filed 
on or after December 31, 1996.

[T.D. 8703, 61 FR 69030, Dec. 31, 1996, as amended by T.D. 8939, 66 FR 
2819, Jan. 12, 2001]