Treasury Regulations (26 C.F.R.)
26 CFR § 301.7701(i)-3
Effective dates and duration of taxable mortgage pool classification.
# (a) Effective dates.
Except as otherwise provided, the regulations under section 7701(i) are effective and applicable September 6, 1995.
# (b)
Entities in existence on December 31, 1991—(1) In general. For transitional rules concerning the application of section 7701(i) to entities in existence on December 31, 1991, see section 675(c) of the Tax Reform Act of 1986.
(2) Special rule for certain transfers. A transfer made to an entity on or after September 6, 1995, is a substantial transfer for purposes of section 675(c)(2) of the Tax Reform Act of 1986 only if—
(i) The transfer is significant in amount; and
(ii) The transfer is connected to the entity's issuance of related debt obligations (as defined in paragraph (b)(3) of this section) that have different maturities (within the meaning of § 301.7701-1(e)).
(3) Related debt obligation. A related debt obligation is a debt obligation whose payments bear a relationship (within the meaning of § 301.7701-1(f)) to payments on debt obligations that the entity holds as assets.
(4) Example. The following example illustrates the principles of this paragraph (b):
Example.
On December 31, 1991, Partnership Q holds a pool of real estate mortgages that it acquired through retail sales of single family homes. Partnership Q raises $10,000,000 on October 25, 1996, by using this pool to issue related debt obligations with multiple maturities. The transfer of the $10,000,000 to Partnership Q is a substantial transfer (within the meaning of § 301.7701(i)-3(b)(2)).
# (c)
Duration of taxable mortgage pool classification—(1) Commencement and duration. An entity is classified as a taxable mortgage pool on the first testing day that it meets the definition of a taxable mortgage pool. Once an entity is classified as a taxable mortgage pool, that classification continues through the day the entity retires its last related debt obligation.
(2) Testing day defined. A testing day is any day on or after September 6, 1995, on which an entity issues a related debt obligation (as defined in paragraph (b)(3) of this section) that is significant in amount.
[T.D. 8610, 60 FR 40092, Aug. 7, 1995]
Source: view the official text
In this part (40 sections)
- 301.7701-13 · Pre-1970 domestic building and loan association.
- 301.7701-13A · Post-1969 domestic building and loan association.
- 301.7701-14 · Cooperative bank.
- 301.7701-15 · Tax return preparer.
- 301.7701-16 · Other terms.
- 301.7701-17T · Collective-bargaining plans and agreements (temporary).
- 301.7701-18 · Definitions; spouse, husband and wife, husband, wife,…
- 301.7701(b)-0 · Outline of regulation provision for section 7701(b)-1…
- 301.7701(b)-1 · Resident alien.
- 301.7701(b)-2 · Closer connection exception.
- 301.7701(b)-3 · Days of presence in the United States that are excluded…
- 301.7701(b)-4 · Residency time periods.
- 301.7701(b)-5 · Coordination with section 877.
- 301.7701(b)-6 · Taxable year.
- 301.7701(b)-7 · Coordination with income tax treaties.
- 301.7701(b)-8 · Procedural rules.
- 301.7701(b)-9 · Effective/applicability dates of §§ 301.7701(b)-1…
- 301.7701(i)-0 · Outline of taxable mortgage pool provisions.
- 301.7701(i)-1 · Definition of a taxable mortgage pool.
- 301.7701(i)-2 · Special rules for portions of entities.
- 301.7701(i)-3 · Effective dates and duration of taxable mortgage pool…
- 301.7701(i)-4 · Special rules for certain entities.
- 301.7704-2 · Transition provisions.
- 301.7705-1 · Certified professional employer organization.
- 301.7705-2 · CPEO certification process.
- 301.7803-1 · Security bonds covering personnel of the Internal Revenue…
- 301.7805-1 · Rules and regulations.
- 301.7811-1 · Taxpayer assistance orders.
- 301.7803-2 · Internal Revenue Service Independent Office of Appeals…
- 301.7803-3 · Requests for referral to the Internal Revenue Service…
- 301.9000-1 · Definitions when used in §§ 301.9000-1 through 301.9000-6.
- 301.9000-2 · Considerations in responding to a request or demand for…
- 301.9000-3 · Testimony authorizations.
- 301.9000-4 · Procedure in the event of a request or demand for IRS…
- 301.9000-5 · Written statement required for requests or demands in…
- 301.9000-6 · Examples.
- 301.9000-7 · Effective date.
- 301.9001 · Statutory provisions; Outer Continental Shelf Lands Act…
- 301.9001-1 · Collection of fee.
- 301.9001-2 · Definitions.