và sản lượng 21 tháng trên hóa đơn cơ bản Kho bạc ba tháng, chiến lược của chúng tôi nên đồng bằng trung lập. Và như một kết quả là đồng bằng, trung lập, chúng tôi mong chờ chiến lược của chúng tôi để được lợi nhuận nếu có thay đổi dễ bay hơi trên thị trường, thay đổi | TLFeBOOK TABLE Product and Legal Characteristics Equity ownership transfer rules Debt ownership transfer rules Minimum equity rules Asset changes additions Time-tranched debt Subsequent debt issuance Flexibility with asset types Special-Purpose Vehicle 1 Special-purpose corporation No No Yes Yes Yes Yes Yes 2 Pay-through owner No No Yes Yes Yes Yes Yes trust master trust Partnership 3 Grantor trust pass-through No No N A No N A No Yes 4 Real estate mortgage Yes No No No Yes No No investment conduit REMIC 5 Financial asset securitization Yes Yes No Yes Yes Yes Yes investment trust FASIT 1 A wholly owned corporation. Generally speaking a contribution of assets in exchange for equity will be tax free to the transferor though if cash or other property also is received in the exchange then any gains might have to be recognized. Alternatively any gains must be recognized immediately upon a sale of the assets as with to the SPV or an intermediary unless the consolidated tax return deferred intercompany transaction timing rules apply. 2 In any pay-through trust structure the interests of the SPV consist of debt and equity and this is a typical financing structure for time-tranched debt. The term owner trust usually is viewed as a pay-through trust structure typically taxed as a partnership. For tax purposes a master trust also is typically taxed as a partnership. Gains or losses usually are not recognized upon a transfer of assets to a partnership though there are exceptions. 3 The grantor trust pass-through structure usually is treated as an asset sale to the extent that the trust certificates are sold to third parties. The investment is an equity ownership in the assets and no debt securities are issued. 4 A REMIC is a collateralized mortgage obligation CMO issued after January 1 1987 under legislation designed to eliminate certain tax and regulatory problems that limited issuer and investor participation in multiple series tranche CMOs. Gains or losses are .
