Clear Form

                                                                                    STATE OF HAWAII — DEPARTMENT OF TAXATION
                              FORM
                                                               Real Estate Mortgage Investment 
                                                                          Conduit Income Tax Return
 (REV. 2023)
 N-66                                                                                            For calendar year 2023 or                                         2023
                                                               short tax year beginning       , 20   , ending       , 20                                                                                                       N66_I 2023A 01 VID01
                                                                                                 † See separate Instructions.
                                                Name                                                                                                A  Federal Employer I.D. No.

                                                Mailing Address (number and street)                                                                 B  Date REMIC started

                                                City or Town, State, and Postal/ZIP code. If you have a foreign address, see Instructions.          C  Enter total assets at end of tax year
                PRINT OR TYPE                                                                                                                       $
D  Check applicable boxes:  (1)                                                     Final return (2) Name change                           (3)  Amended return                                                            (4)  IRS Adjustment
                                                                                                                                                       EHawaii Tax I.D. No.
Section I. — Computation of Taxable Income or Net Loss

                                                               Income — excluding amounts from prohibited transactions

 1                                              Taxable interest ...................................................................................................................................................      1
 2                                              Accrued market discount under IRC section 860C(b)(1)(B) ...............................................................................                                   2
 3                                              Reserved .............................................................................................................................................................    3
 4                                              Ordinary gain (or loss) (attach Schedule D-1) ....................................................................................................                        4
 5                                              Other income (attach schedule) ..........................................................................................................................                 5

 6                                              Total income (or loss) (add lines 1 through 5) ....................................................................................................                       6

                                                               Deductions — excluding amounts from prohibited transactions

 7                                              Salaries and wages .............................................................................................................................................          7
 8                                              Rent .................................................................................................................................................................... 8
 9                                              Amount accrued to regular interest holders in the REMIC that is deductible as interest ....................................                                               9
 10  Other interest ......................................................................................................................................................                                                10
 11  Taxes ...................................................................................................................................................................                                            11
 12  Depreciation from federal Form 4562 .................................................................................................................                                                                12
 13  Other deductions (attach schedule) ....................................................................................................................                                                              13

 14                                             Total deductions (add lines 7 through 13) ..........................................................................................................                      14

 15  Taxable income (or net loss) (line 6 less line 14). Enter here and on Schedule M, column (c) ..........................                                                                                              15

                                                                                                     DECLARATION
                                                I declare, under the penalties set forth in section 231-36, HRS, that this return (including any accompanying schedules or statements) has been examined by me and, to the best of my 
                                                knowledge and belief, it is true, correct, and complete.  Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
                                                 
                                                †                                                                                                   †    
                                                     Signature                                                                                          Date
                                                                                                                                                          
                                                     Print or type name                                                                                 Title
                                                  May the Hawaii Department of Taxation discuss this return with the preparer shown below? (See page 2 of the Instructions.)                                                   Yes    No
                                                        Note: This designee does not replace the power of attorney form.  
                                                           Preparer’s                                                                          Date            Check if                                                       Preparer’s identification number
                                                           Signature    †                                                                                      self-employed   
                              Please Sign Here Paid        Type or Print                                                                                       Federal 
                                               Preparer’s  Preparer’s Name   †                                                                                 E.I. No.  †
                                               Use Only
                                                           Firm’s name (or yours 
                                                           if self-employed), Address †                                                                        Phone no. †
                                                           and Postal/ZIP Code          
                                                                                                                                                                                                                          FORM N-66 (REV. 2023)
                                                                                                     ID NO 01

FORM N-66 (REV. 2023)                                                                                                                                                                              PAGE 2
Designation of Tax Matters Person
                                                    
Enter below the residual interest holder designated as the tax matters person (TMP) for the calendar year of this return:
Name of                                                                                                                          Identifying 
designated TMP          †                                                                                                        number of TMP                   †
Address of 
designated TMP          †

Additional Information
 
F     What type of entity is this REMIC?  Check box †                                                     Corporation                               Partnership                       Trust 
                                                                                                          Segregated Pool of Assets
      If you checked “Segregated Pool of Assets,” state name and type of entity that owns the assets:
      Name _________________________________________________ Type ___________________________
G     Number of residual interest holders in this REMIC † ____________ .
H     Enter the amount of tax-exempt interest accrued during the year † ____________ .
I     Check this box if the REMIC has more than one class of regular interests .............................................. †  
      If so, attach a schedule identifying the classes and principal amounts outstanding for each at the end of the year.
J     Enter the sum of the daily accruals determined under IRC section 860E (c) for the calendar year †
 
   Schedule L                  Balance Sheets per Books                                                                   (a) Beginning of year                                      (b) End of year
                                            Assets
  1    Permitted investments (see Instructions):
     a  Cash flow investments ...................................................................................

     b Qualified reserve assets ................................................................................

     c  Foreclosure property......................................................................................

  2    Qualified mortgages.......................................................................................

  3    Other assets (attach schedule) ......................................................................

  4   Total     assets ...................................................................................................
                                    Liabilities and Capital
  5    Current liabilities (attach schedule)................................................................

  6    Other liabilities (attach schedule)...................................................................

  7    Regular interests in REMIC ...........................................................................

  8    Residual interest holders’ capital accounts ....................................................

  9    Total liabilities and capital .............................................................................

   Schedule M                   ShowReconciliationreconciliationofofResidualeach residualInterestinterestHolders’holders’ capitalCapitalaccountAccountsquarterly on Schedule Q (Form N-66), Item E.)
                                                                                                                                                                                      (g) Residual interest 
  (a) Residual interest         (b) Capital                       (c) Taxable income     (d) Nontaxable                          (e) Unallowable                 (f) Withdrawals and  holders’ capital accounts 
  holders’ capital accounts     contributed during  (net loss) from Section I,                   income                                 deductions                   distributions    at end of year (combine 
   at beginning of year             year                              line 15                                                                                                         cols. (a) through (f)) 

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                                                                                                                                                                     FORM N-66 (REV. 2023)