信託のパス・スルー課税について―FASIT導入に至るまでの米国の導管制度を参考に―

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2 p. REMIC FASIT RIC REIT pp. pp.

3 M FASIT

4 p. p.p. p.

5 p. p. p. p. p. p. p. p.

6 p. pp. pp. p.

7 p. pp. p. p. p. board of trustees p.pp. p.

8 p. SPC pp. p.

9 p. p.

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14 grantor trust ordinary trust IRC Internal Revenue Code IRCa a Treas. Reg a ordinary trust business trustinvestment trust

15 reversionary interest business trust association simple trustcomplex trust Kahn, Waggoner and PennellChapter Scheft v. Comm r T.C. ABA Adelman and Lorencep. Rev. Rul. C.B. Kahn, Waggoner and PennellChapter

16 corporation business trust Kintner associates business purpose investment trust The term corporation includes associations, join-stock companies, and insurance companies. a Treas. Reg. b publicly traded partnership a Morrissey v. Comm r, 296 U.S Treas. Reg b as amended in Treas. Reg. b as amended i Treas. Reg. pp.

17 power to vary the investment fixed investment trust Sears Regulation SMSC Comm r v. Chase Nat l Bank F. 2d 540 Comm r v. N. Am. Bond Trust, 122 cert. deniedu.s. Treas. Reg. a amsullivanpp. Fed. Reg. T.D. March effective in Treas. Reg c as amended in

18 SMSC A A B B A SCORE PRIME Treas. Reg. c Exampl Treas. Reg. c as amended in pp. Fed. Reg. Fed. Reg. Treas. Reg. c Example

19 phantom income and losses M RIC REIT REMIC FASIT Adelman and Lorence 1989 p. 318 ABA 1991 p.306, n.16 Steinberg 1993 p. 299, n.98 Peaslee 1994 pp Sullivanp. pp. ABApp. pp.

20 M RIC Regulated Investment Company RIC REITReal Estate Investment Trusts REMIC Real Estate Mortgage Investment Conduits FASIT Financial Asset Securitization Investment Trusts M RICREIT REMICFASIT RICREIT partial conduit REMICFASIT M RIC Treas. Reg. b Hervey REITa REMICFASIT D a L a A A Financial Asset Securitization Investment Trusts; Real Estate Mortgage Investment Conduits Fed. Reg. to be codified at 26 C.F.R. Parts 1 and 602 proposed Feb. RICinvestment company taxable income a REIT a Joint Committee

21 RIC REIT complete conduit M RIC REIT REMICFASIT RIC RIC b A RIC RIC b A iiric b B RIC RIC b RIC REMICFASIT REMICFASITREMIC regular interestresidual interest REMIC B a ordinary income C afasit ownership interest H cfasit H b REMIC FASIT REMIC FASIT FASIT gain RIC REITM

22 RIC RIC RIC RIC a REIT REIT c A RICREIT REIT c B REIT c c REIT REIT d C REIT d C REIT gain b REIT REIT net selling price b C REIT a Joint Committee b REIT REIT

23 REMIC REMIC qualified mortgages permitted investments D a G a G a REMIC a a G a REMIC G d REMIC Treas. Reg G-2 g 1 iiiremic FASIT FASIT FASIT REMIC permitted assetsl a D REMIC FASIT FASITFASIT L e REMIC REMICp. FASIT

24 FASIT FASIT over-collateralization e B AM A L b A M FASIT M M FASIT M aa D a oint Committee Sullivanp. n credit enhancement Nirenberg, Burke and Kopppp. CMO collateralized mortgage obligationcmo CMO Silversmith F REMIC Joint Committee a systematic opportunity p. Adelman and Lorencep. n.

25 A ownership interesta B M FASIT L b AFASIT high-yield interestb B FASIT a REMIC REMICFASIT REMIC disqualified organization D a E e FASIT eligible corporation L a C a IO Interest Only Nirenberg, Burke and Koppp. original issue discount Peaslee and Nirenbergpp. ABA Joint Committee a p.

26 REMIC E c net operating loss unrelated business income tax E a b G b recapture B FASIT H b FASIT unrelated lossesj a M CTB CTB LLC CTB CTB CTB REMIC E c Joint Committee Simplification of Entity Classification, 61 Fed. Reg. 66,584, 66, codified at 26 C.F.R. Parts 1, 301 and Treas. Reg b c as amended in 1996

27 CTB CTB passive type income M CTB a c Treas. Reg as amended in 1998 August 1999 p.289, n.4 Seiden and Christin 2000 CTB Schloss Joint Committee a b c d

28 CTB M REITREIT RICREIT RIC REIT FASIT REMICREMIC FASIT FASIT CTB PTP CTB Joint Committeen. Sullivan REIT pp. RIC RICREIT REMICa A FASIT

29 REMIC FASIT FASIT 113 FASIT FASIT REMIC FASIT FASIT Nirenberg, Burke and Kopp 1996 p. 278 ABA Sheppard

30 M p. p.

31 SPV SPV RIC REIT FASIT FASIT FASIT p. FASIT FASIT p. a c

32 M CTB CTB p. pp. p. p. p.

33 RIC FASIT FASIT FASIT FASIT Sullivanp. Sheppard Susswein

34 REMICFASIT p. CTB RICREIT Taylorp. p.

35 REMIC FASIT REMIC FASIT C a b M A B a c B B B CTB p. CTB Joint Committee

36 REMIC FASIT

37 RIC REIT p. pp.

38 REMIC FASIT REMIC SPC pp. pp. C

39 pp. C

40 FASIT CTB pp.

41 COFRI REIT

42 structured finance American Bar Association ABA, Section of Taxation, ABA Tax Section Members Offer Mixed Support on FASIT Bill, Tax Notes Today, August 25, 1995, Tax Analysts., The Tax Treatment of Pass-Through Certificates and its Practical Implications for Investors, Tax Management Weekly Report, Vol. 11, November 16, 1992., Legislative Proposal to Expand the REMIC Provisions of the Code to Include Nonmortgage Assets, Tax Law Review, Vol. 46, 1991, pp Adelman, Charles M. and Roger D. Lorence, Tax Considerations Chapter 10, Phillip L. Zweig, ed., The Asset Securitization Handbook, 1989, pp August, Jerald David, Benefits and Burdens of Subchapter S in a Check-the-Box World, Florida Tax Review, Vol. 4, 1999, pp Hervey, Richard M., Taxation of Regulated Investment Companies, Tax Management, Vol st, 2000, III-B. Joint Committee on Taxation, Review of Selected Entity Classification and Partnership Tax Issues JCS- 6-97, April 8, 1997., General Explanation of Tax Legislation Enacted in the 104 th Congress JCS-12-96, December 18, 1996., Reports of Miscellaneous Tax Proposals, Tax Notes International, , July 12, 1995., 100 th Cong., 1 st Sess., General Explanation of the Tax Reform Act of 1986 H.R. 3838, 99 th Congress: Public Law , Committee Print, 1987a., Taxation of Master Limited Partnerships JCS-19-87, July 20, 1987b. Kahn, Douglas A., Lawrence W. Waggoner and Jeffrey N. Pennell, Federal Taxation of Gifts, Trusts, and Estates, 3d ed., 1997.

43 Nirenberg, David Z., Colman J. Burke and Steven L. Kopp, FASITs The Small Business Act s New Securitization Vehicle, Journal of Taxation, November 1996, pp Peaslee, James M., Investment Trusts in the Age of Financial Derivatives, Tax Law Review, Vol. 49, 1994, pp and David Z. Nirenberg, US Federal Income Tax Treatment of Mortgage-Backed Securities, Joseph Jude Norton and Paul R. Spellman, eds., Asset Securitization: International Financial and Legal Perspectives, 1991, pp Schloss, Irving S., Some Undiscovered Country: The Business Trust and Estate Planning, Tax Management- Estates, Gifts and Trusts, Vol. 22, Seiden, Donna Litman and Nicholas E. Christin, Income Taxation of Trusts and Estates, Tax Management, Vol st, 2000, II- E, III-D. Sheppard, Lee A., FASITs: Bank Deregulation Through The Back Door, Tax Notes, September 11, 1995, pp Silversmith, Gary J., REMICs, FASITs and Other Mortgage-Backed Securities: Detailed Analysis, Tax Management, Vol st, Steinberg, Lewis R., Selected Issues in The Taxation of Swaps, Structured Finance and Other Financial Products, Florida Tax Review, Vol.1, 1993, pp Sullivan, Diane M., Note: Why Does Tax Law Restrict Short-Term Trading Activity for Asset Securitization, Virginia Law Review, Vol. 17, 1998, pp Susswein, Donald B., Coalition Counsel's Testimony in Support of FASIT Bill, Tax Notes, Vol. 69, 1995, pp Taylor, Willard B., Beyond Check-the-Box Neglected Issues, Taxes, Vol. 75, 1997, pp

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