Common use of Tax Returns and Reports Clause in Contracts

Tax Returns and Reports. (a) For federal income tax purposes, each constituent REMIC will have a calendar year taxable year and will maintain its books on the accrual method of accounting. (b) CitiMortgage will prepare and file with the Internal Revenue Service and applicable state or local tax authorities income tax or information returns for each taxable year for each constituent REMIC, and will furnish to certificate holders the schedules, statements or information, as required by the Internal Revenue Code or state or local tax laws, regulations or rules. Within 30 days of the startup day, CitiMortgage will furnish to the Internal Revenue Service, on Form 8811 or as otherwise required by the Internal Revenue Code, the name, title, address, and telephone number of the person that certificate holders may contact for tax information relating to the REMICs, together with any additional information required by the Form, and will update such information as required by the Internal Revenue Code. Income tax or information returns will be signed by the Trustee or any other person required to sign the returns by the Internal Revenue Code or state or local tax laws, regulations or rules. (c) In the first federal income tax return for each constituent REMIC for its short taxable year ending December 31 in the year in which the startup day occurs, REMIC status will be elected for that taxable year and all succeeding taxable years. (d) CitiMortgage will maintain records relating to each constituent REMIC, including its income, expenses, assets and liabilities, and the adjusted basis of its property as required by the Internal Revenue Code, or as necessary to prepare the foregoing returns, schedules, statements or information. (e) Each holder of a residual certificate will be deemed to have agreed, by acceptance thereof, to be bound by this section 3.15 and by section 5.2 and by “REMIC Provisions” in the Series Terms.