1.26 Ark. Code R. 51-305(b)
Current through Register Vol. 49, No. 10, October, 2024
The maximum amount of gain excludable from gross income under this section is one hundred twenty-five thousand dollars ($125,000.00). In the case of a separate return filed by a married taxpayer, the maximum amount allowable shall be sixty-two thousand five hundred dollars ($62,500.00) for such taxpayer.
The exclusion from gross income provided by this section can only be taken once by a taxpayer after reaching the age of fifty-five (55). After this election has been properly taken by a taxpayer, it shall not be available to the taxpayer again. However, refer to 1. 26-51-305(c) regarding revocation of the election.
1.26 Ark. Code R. 51-305(b)