1.26 Ark. Code R. 51-440
Current through Register Vol. 49, No. 9, September, 2024
Subchapter M of the Internal Revenue Code as in effect on 01/01/97 has been adopted with the exception of its tax rates. Arkansas tax rates remain in effect as set forth in ACA 26-51-205. If a federal election is made relating to a RIC, REIT, FASIT or any other corporation registered as an investment company, the same election is automatically deemed to have been made for Arkansas income tax purposes.
If a corporation no longer qualifies as initially elected, then it must file an Arkansas corporation income tax return and be taxed as a "C" corporation.
1.26 Ark. Code R. 51-440