1.26 Ark. Code R. 51-426

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

Rule 1.26-51-426 - Bad Debt Expense

A business is generally allowed to take a bad debt expense. Any bank, savings and loan or any other institution chartered and supervised under federal or state laws shall be allowed a bad debt expense deduction computed in accordance with Internal Revenue Code Sections 582, 585, and 593, as in effect on January 1, 1997. Banks with assets over $500,000,000 must use the specific charge-off method for bad debts.