[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]