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Mortgages Internal Revenue Service

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Cadwalader, Wickersham & Taft LLP

IRS Private Letter Ruling Says CPACE Loans Qualify for REMIC Transactions

The IRS recently concluded that certain commercial property assessed clean energy (“CPACE”) assets are “obligations . . . secured by an interest in real property” under Code Section 860G(a)(3) in a private letter ruling...more

McGlinchey Stafford

Litigation Byte (June Edition)

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The Litigation Byte is the new name and format for McGlinchey’s Commercial Law Bulletin. Our new format reflects McGlinchey’s national coverage and our expanded footprint while still serving up the digestible, insightful...more

Cadwalader, Wickersham & Taft LLP

Exchange Trust Certificates in REMIC Transactions Qualify as Stripped Bonds or Coupons

On November 24, 2023, the IRS released PLR 202347001, ruling that certificates issued from an “exchange trust” qualify as stripped bonds or stripped coupons within the meaning of Code Section 1286. The taxpayer in the...more

McDermott Will & Emery

Weekly IRS Roundup May 8 – May 12, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2023 – May 12, 2023...more

McDermott Will & Emery

Weekly IRS Roundup November 7 – November 11, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 7, 2022 – November 11, 2022....more

Pullman & Comley - Labor, Employment and...

Mortgage or other Third Party Loan Investments in Your Plan?  Do they Pass Muster under IRS Issue Snapshot?

The IRS Issue Snapshot-Third Party Loans from Plans dated August 23, 2022 is a short advice document for examiners to use when auditing tax-qualified retirement plans that invest in mortgages or other third party loans. IRS...more

McDermott Will & Emery

Weekly IRS Roundup March 22 – March 26, 2021

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Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 22, 2021 ­­– March 26, 2021... March 22, 2021: The IRS issued Notice 2021-22, providing...more

Morgan Lewis

IRS Extends REMIC and Trust Relief Guidance for COVID-19 Emergency-Related Mortgage Forbearances and Modifications

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The Internal Revenue Service (IRS) issued Revenue Procedure 2021-12 on January 14, extending the safe harbors in Revenue Procedures 2020-26 and 2020-34 to September 30, 2021. This LawFlash discusses the portion of Revenue...more

Fox Rothschild LLP

A Mortgage Foreclosure Primer

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We have recently had inquiries about foreclosures. Given the current economic climate, this is probably going to become more common. The good news is that home prices are up, particularly in the Philadelphia suburbs. But for...more

Orrick, Herrington & Sutcliffe LLP

REMICs, Mortgage Loan Modifications and COVID-19

This memorandum discusses certain tax considerations in connection with forbearances, waivers and other modifications with respect to a mortgage loan that is held by a REMIC or about to be contributed to a REMIC, in light of...more

ArentFox Schiff

IRS Bars Potential Double Tax Benefit for Use of PPP Loan Proceeds

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Under IRS Notice 2020-32, no deduction is allowed for a payment that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to the CARES Act and the income associated with such...more

Holland & Knight LLP

IRS Provides Relief for Securitized Mortgage Loan Modifications Anticipated from COVID-19

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The Internal Revenue Service (IRS) issued Revenue Procedure 2020-26 on April 13, 2020, providing relief to certain securitization vehicles, including investment trusts and real estate mortgage investment conduits (REMICs),...more

Morgan Lewis

IRS Releases REMIC and Trust Relief Guidance for COVID-19 Emergency-Related Mortgage Forbearance and Modifications

Morgan Lewis on

The Internal Revenue Service on Monday, April 13 issued welcome relief to the securitization industry, providing that certain forbearances and related modifications to mortgages will generally not cause real estate mortgage...more

Mayer Brown

The Taxpayer First Act and the Impact on Secondary Market Participants

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The Taxpayer First Act (the “Act” or “TFA”) imposes new limits on the disclosure of US taxpayer tax information obtained on or after December 28, 2019.  The Act is designed, among other things, to overhaul and modernize...more

Nutter McClennen & Fish LLP

Bank Report: November 2019

OCC and FDIC Propose Interest Rate Fix for Loans Transferred to Non-Banks - The FDIC and OCC have separately proposed rules that would codify the “valid-when-made” doctrine and clarify that when a bank sells, assigns, or...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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British lawmakers are voting today on Theresa May’s updated Brexit plan, and by all accounts, it’s been a mad dash for the Prime Minister in recent weeks to shore up support for a plan “that could go down to a humiliating...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Dow closed above 26k yesterday for the first time on what some are dubbing the FOMO rally or the “melt-up” market....more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

In naming Gregory Abel and Ajit Jain vice chairs, Berkshire Hathaway took another big step this week in laying out LAWB (Life After Warren Buffet)....more

Schwabe, Williamson & Wyatt PC

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Coblentz Patch Duffy & Bass

Tax Court Declines to Follow First Circuit Ruling on Mortgage Subordinations & Conservation Easements

This month, the Tax Court revived a method to defeat conservation deductions with its October 10 opinion published as Palmolive Building Investors LLC et al. v. Commissioner, No. 23444-14; 149 T.C. No. 18 (Oct. 10, 2017),...more

Sherman & Howard L.L.C.

IRS Issues a Memorandum on Substantiation Guidelines for Safe-Harbor Hardship Withdrawals from 401(k) Plans

On February 23, 2017, the Internal Revenue Service (“IRS”) issued a Memorandum to IRS agents. The Memorandum identified the steps agents should take, in examining a 401(k) plan, to confirm that a hardship withdrawal is...more

Goodwin

Financial Services Weekly News - October 2016

Goodwin on

Editor's Note - Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more

Morgan Lewis

Highway Funding Bill Includes Significant Changes to Tax Rules

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Unexpected changes in FBAR, corporate and partnership returns, and statute of limitations and mortgage reporting tax rules are embedded in funding bill H.R. 3236. When US President Barack Obama extended funding for...more

K&L Gates LLP

Recent Legislative Developments Will Create Headaches and Increase Financial Risks for Mortgage Servicers and Originators

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Two recent legislative developments, which have largely gone unnoticed, will dramatically raise the stakes for mortgage servicers and originators who file IRS Forms 1098. First, the Trade Preferences Extension Act of 2015,...more

Goulston & Storrs PC

IRS Ruling Addresses LLC Eligibility for Cancellation of Debt Exception

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In new CCA 201525010, the IRS addressed the issue of whether a general “exculpatory” debt of an LLC is recourse or non-recourse for purposes of classifying debt-relief as potential cancellation of debt (COD) income. Recourse...more

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