The New York State Bar Association Tax Section has submitted a report to the IRS on REMIC IO Interests (dealing with the proper timing and character of income, gain, loss, and deduction for holders and issuers of “interest only” interests subject to prepayment risk issued by a REMIC):

• Letter from Chair (David B. Hariton) (3 pages)
• Report No. 1078 (44 pages)