1.26 Ark. Code R. 51-404(b)(1)
Current through Register Vol. 49, No. 9, September, 2024
Section 1033 of the Internal Revenue Code of 1986, as in effect on January 1, 1999 relating to the exclusion from gross income of gain resulting from the involuntary conversion of a taxpayer's property, has been adopted for the purpose of computing Arkansas income tax liability.
In any case where the taxpayer elects to replace or restore the converted property, but it is not practical to do so immediately, see 4. 26-51-412(a) for procedure.
The special rules for property damaged in a Presidentially declared disaster are found at IRC Sec. 1033(h).
1.26 Ark. Code R. 51-404(b)(1)