April 2, 2020

We recently explored the key considerations when using REMICs to securitize mortgage loans subject to forbearance and potential default as a result of the coronavirus pandemic. Read our insights here.

The CARES Act dips into the government’s 2008 bag of tricks and also rolls back several ill-conceived 2017 limits on the deductibility of interest expense and the use of net operating losses.  Some of these provisions will not provide immediate benefits, and, absent additional guidance, the GILTI rules will dilute the benefit of NOL carrybacks.  Read our summary of the tax provisions in the Act below, and a full summary of the Act here.  

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With loan modifications on the rise, this chart outlines the circumstances under which modifications may be made to CMBS loans included in REMICs or grantor trusts.

Although the IRS has extended the federal tax filing deadline to July 15, 2020, not all states have followed suit in extending state filing deadlines.  This discrepancy creates a potential “catch-22” for some businesses that will still be required to prepare their federal tax returns before July 15, 2020 in order to meet state filing requirements.

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We recently examined the tax considerations applicable to distressed mortgage securitizations. Read here via Tax Notes.

 

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