1.26 Ark. Code R. 51-102(17)(B)

Current through Register Vol. 49, No. 10, October, 2024

Rule 1.26-51-102(17)(B) - Tax Year

A fractional part of a year (short tax year) means a period of less than twelve (12) months. If a short tax year ends on or before the 15th day of the month, then the short tax year shall be deemed to have ended on the last day of the previous month. If a short tax year ends on or after the 16th of the month, then the short tax year shall be deemed to have ended on the last day of the current month.

Note: A taxpayer must calculate its Arkansas income tax liability using the same tax year for Arkansas income tax purposes as used for federal income tax purposes.