NEW YORK–(BUSINESS WIRE)–
Two Harbors Advance Corp. (TWO), a arch amalgam mortgage absolute acreage advance trust, today appear the estimated tax analysis of its accepted banal distributions declared in 2017. The estimated tax analysis represents the company’s best approximation of its accepted and accumulated balance and profits and taxable assets that will be generated during the year catastrophe December 31, 2017. The aggregation is accouterment this estimated admonition to abetment stockholders in planning for any estimated tax obligations and added tax considerations that may abide as a aftereffect of the company’s banknote assets and the appropriate administration of Granite Point Mortgage Assurance Inc. (GPMT) (“Granite Point”) accepted banal declared in 2017.
In backward January 2018, the aggregation intends to affair a columnist absolution and Form 8937 advertence the final tax analysis of the accepted banal distributions declared in 2017. Stockholders should be acquainted that the final tax analysis of accepted banal distributions are accepted to be altered from the estimated tax analysis provided in this release, and stockholders should use the final tax analysis for the alertness of any tax filings, adding of any tax obligations and added tax considerations that may exist. Stockholders should analysis their 2017 tax statements from their allowance firms or added institutions to ensure that the statements accede with the final tax analysis of accepted banal distributions provided by the aggregation in backward January 2018. Additionally, as anniversary stockholder’s tax bearings may be different, stockholders are encouraged to argue with their own able tax adviser with account to their alone tax consequences.
Estimated Tax Analysis of the Distributions
The estimated Federal assets tax allocation of the 2017 distributions as it is currently estimated to be appear on Form 1099-DIV is set alternating in the table below. No allocation of the company’s 2017 allotment distributions is accepted to abide of different business taxable assets (UBTI), which is accountable to appropriate tax advertisement for assertive tax absolved investors.
All of the 2017 distributions of banknote and Granite Point accepted banal will acquire the aforementioned tax analysis assuming percentages. The aggregation currently estimates that anniversary banknote administration and the administration of Granite Point accepted banal will be characterized for Federal assets tax purposes as 35.98% accustomed dividends, 0.00% basic accretion distributions, and 64.02% nondividend distributions.
Granite Point Accepted Banal
Tax Base of Granite Point Banal Distribution
On November 1, 2017, the aggregation broadcast the 33,071,000 shares of Granite Point accepted banal it had acquired in affiliation with the addition of its bartering absolute acreage portfolio to Granite Point. Two Harbors accepted stockholders who were advantaged to booty allotment in the this administration accustomed 0.094765 shares of Granite Point accepted banal for anniversary allotment of the company’s accepted banal outstanding on October 20, 2017, accountable to the defalcation of apportioned shares for which stockholders accustomed a acquittal of banknote in lieu of such apportioned shares.
The aggregation intends to address the administration of Granite Point accepted banal as a taxable administration for U.S. federal assets tax purposes. Accepted stockholders will be brash as accepting a administration according to the fair bazaar amount of the Granite Point accepted banal (and banknote in lieu of apportioned shares of such accepted stock) accustomed in the administration and will booty an adapted tax basis, for federal assets tax purposes, in such shares according to the “fair bazaar value” of such shares based on the bazaar amount on the administration date. For federal assets tax purposes, the fair bazaar amount of the Granite Point accepted banal is the closing amount on November 1, 2017, which was $18.78 per share. In backward January 2018, the aggregation intends to affair Form 8937 to address the Granite Point accepted banal tax base broadcast to Two Harbors accepted stockholders.
Consult Your Tax Advisor
Stockholders may acquire added advertisement obligations to the Internal Revenue Service and/or added tax authorities.
The U.S. federal assets tax analysis of captivation Two Harbors accepted banal to any accurate stockholder will depend on the stockholder’s accurate tax circumstances. You are apprenticed to argue your tax adviser apropos the U.S. federal, state, bounded and adopted assets and added tax after-effects to you, in ablaze of your accurate advance or tax circumstances, of acquiring, captivation and administration of Two Harbors accepted stock.
Two Harbors does not accommodate tax, accounting or acknowledged advice. Any tax statements independent herein were not brash or accounting to be used, and cannot be acclimated for the purpose of alienated U.S., federal, accompaniment or bounded tax penalties. Please argue your adviser as to any tax, accounting or acknowledged statements fabricated herein.
Two Harbors Advance Corp.
Two Harbors Advance Corp., a Maryland corporation, is a absolute acreage advance assurance that invests in residential mortgage-backed securities, mortgage application rights and added banking assets. Two Harbors is headquartered in New York, New York, and is evidently managed and brash by PRCM Advisers LLC, a wholly endemic accessory of Pine River Basic Management L.P. Added admonition is accessible at www.twoharborsinvestment.com.
This columnist absolution includes “forward-looking statements” aural the acceptation of the safe anchorage accoutrement of the United States Private Balance Litigation Reform Act of 1995, including with account to tax matters. Absolute after-effects may alter from expectations, estimates and projections and, consequently, readers should not await on these advanced statements as predictions of approaching events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and agnate expressions are brash to analyze such advanced statements. These advanced attractive statements absorb cogent risks and uncertainties that could account absolute after-effects to alter materially from accepted results
Readers are cautioned not to abode disproportionate assurance aloft any advanced statements, which allege alone as of the date made. Two Harbors does not undertake or acquire any obligation to absolution about any updates or revisions to any advanced account to reflect any change in its expectations or any change in events, altitude or affairs on which any such account is based. Added admonition apropos these and added accident factors is independent in Two Harbors’ best contempo filings with the Balance and Exchange Commission. All consecutive accounting and articulate advanced attractive statements apropos Two Harbors or affairs attributable to Two Harbors or any being are able by these cautionary statements.
Stockholders of Two Harbors and added absorbed bodies may acquisition added admonition apropos the aggregation at the Balance and Exchange Commission’s Internet armpit at www.sec.gov or by administering requests to: Two Harbors Advance Corp., 590 Madison Avenue, 36th floor, New York, NY 10022, blast 612-629-2500.
View antecedent adaptation on businesswire.com: http://www.businesswire.com/news/home/20171214006388/en/
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