Base Offering Circular - Multifamily 482090 ii Tax Treatment of Regular Securities .......................................................................................... 22 Tax Treatment of Residual Securities......................................................................................... 35 REMIC Qualification.................................................................................................................. 46 Tax Treatment of MX Securities ................................................................................................ 47 Exchanges of MX Classes and Regular Classes ............................................................................ 49 Taxation of Foreign Holders of REMIC Securities and MX Securities ........................................ 49 Reporting and Tax Administration ............................................................................................. 50 Backup Withholding ................................................................................................................... 51 STATE TAX CONSIDERATIONS .......................................................................................................... 51 ERISA CONSIDERATIONS..................................................................................................................... 52 LEGAL INVESTMENT CONSIDERATIONS......................................................................................... 53 SECONDARY MARKET ........................................................................................................................ 53 APPENDIX I--Class Types APPENDIX II--Glossary