5.26 Ark. Code R. 51-404(a)(1)
Where services are paid for with something other than money, the fair market value for the item taken in payment is the amount to be included as income. If the services were rendered at the stipulated prices, in the absence of evidence to the contrary, such price will be presumed to be the fair value of the compensation received.
Compensation paid an employee of a corporation in its stock is to be treated as if the corporation sold the stock for its market value and paid the employee in cash. When living quarters are furnished the employees for the convenience of the employer, the ratable value need not be added to the cash compensation of the employee; but where a person receives as compensation for services rendered a salary and in addition thereto living quarters, the value to such person of the quarters furnished constitutes income subject to tax.
Premiums paid by an employer on policies of group life insurance covering the life of its employees, beneficiaries of which are designated by the employees, are not taxable to the extent that these premiums cover the first $50,000.00 worth of coverage. premiums paid by an employer to purchase group life insurance in excess of $50,000.00 are reportable as excess compensation to the covered employee with the exception of:
5.26 Ark. Code R. 51-404(a)(1)