4.26 Ark. Code R. 51-411(a)
If the property was acquired by gift, (even though the gift was made in contemplation of or was intended to take effect in possession or enjoyment at or after the donor's death) the basis is the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift. If the donee is unable to ascertain the facts necessary to determine the basis, he shall so state upon his return and the Income Tax Director will, if possible, obtain such facts from the donor or last preceding owner or any other person cognizant therefore. If the Income Tax Director finds it impossible to obtain such facts, the basis shall be the last assessed valuation of the property while in the hands of the donor.
4.26 Ark. Code R. 51-411(a)