For Tax Professionals  
T.D. 8888 June 14, 2000

Real Estate Mortgage Investment Conduits;
Reporting Requirements &
Other Administrative Matters

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Part 1 [TD 8888] RIN 1545-AU96

TITLE: Real Estate Mortgage Investment Conduits; Reporting
Requirements and Other Administrative Matters

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

SUMMARY: This document eliminates the regulatory requirement that
the issuer of a collateralized debt obligation (CDO) or regular
interest in a real estate mortgage investment conduit (REMIC) set
forth certain information on the face of the CDO or regular
interest. This action eliminates a reporting burden imposed on
issuers of CDOs and regular interests.

EFFECTIVE DATE: These regulations are effective June 16, 2000.

FOR FURTHER INFORMATION CONTACT: Kenneth Christman, (202) 622- 3950
(not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

On May 19, 1999, the IRS published in the Federal Register a notice
of proposed rulemaking [REG-100905-97(64 FR 27221)] intending to
eliminate the regulatory requirement that certain information be set
forth on the face of a certificate representing a CDO or REMIC
regular interest.

The public hearing scheduled for September 13, 1999, was canceled
because no one requested to speak, and the only written comment
received supports finalizing the regulations in the form proposed.
This Treasury decision, therefore, adopts the proposed regulations
with no change.

Special Analyses

It has been determined that this Treasury decision is not a
significant regulatory action as defined in Executive Order 12866.
Therefore, a regulatory assessment is not required. It has also been
determined that section 553(b) of the Administrative Procedure Act
(5 U.S.C. chapter 5) does not apply to these regulations, and,
because the regulations do not impose a collection of information on
small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6)
does not apply.

Pursuant to section 7805(f) of the Internal Revenue Code, the notice
of proposed rulemaking preceding these regulations was submitted to
the Chief Counsel for Advocacy of the Small Business Administration
for comment on its impact on small business.

Drafting Information

The principal author of these regulations is Kenneth Christman,
Office of Assistant Chief Counsel (Financial Institutions and
Products). However, other personnel from the IRS and Treasury
Department participated in their development.

List of Subjects in 26 CFR Part 1

Income taxes, Reporting and recordkeeping requirements.

Adoption of Amendments to the Regulations Accordingly, 26 CFR part 1
is amended as follows:

PART 1--INCOME TAXES

Paragraph 1. The authority citation for part 1 continues to read in
part as follows: Authority: 26 U.S.C. 7805 * * *

§1.6049-7 [Amended]

Par. 2. In §1.6049-7, paragraph (g) is removed.

John M. Dalrymple
Acting Deputy Commissioner of Internal Revenue
Approved: 6-1-00
Jonathan Talisman
Deputy Assistant Secretary of the Treasury


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