26 U.S. Code § 860D - REMIC defined
An entity (otherwise meeting the requirements of subsection (a)) may elect to be treated as a REMIC for its 1st taxable year. Such an election shall be made on its return for such 1st taxable year. Except as provided in paragraph (2), such an election shall apply to the taxable year for which made and all subsequent taxable years.
If any entity ceases to be a REMIC at any time during the taxable year, such entity shall not be treated as a REMIC for such taxable year or any succeeding taxable year.
1990—Subsec. (a). Pub. L. 101–508 inserted closing parenthesis before period at end.
1988—Subsec. (a). Pub. L. 100–647, § 1006(t)(19), inserted at end “In the case of a qualified liquidation (as defined in section 860F(a)(4)(A)), paragraph (4) shall not apply during the liquidation period (as defined in section 860F(a)(4)(B).”
Subsec. (a)(4). Pub. L. 100–647, § 1006(t)(2)(A)(i), substituted “3rd month beginning after” for “4th month ending after”.
Pub. L. 100–647, § 1006(t)(2)(A)(ii), substituted “and at all times thereafter” for “and each quarter ending thereafter”.
Subsec. (a)(6). Pub. L. 100–647, § 1006(t)(16)(A), added par. (6).
Amendment by section 1006(t)(2)(A)(i), (19) of Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.