18.26 Ark. Code R. 51-404(a)(1)

Current through Register Vol. 49, No. 9, September, 2024

Rule 18.26-51-404(a)(1) - Long-Term Contracts

Income from long-term contracts is taxable for the period in which the income is generated. The determination of taxable income is dependent upon the nature and terms of the contract. Arkansas taxpayers must use the same accounting method as that used for federal income tax purposes.

"Long-term" contracts are contracts which will take more than one (1) year to be fully and completely performed.