2.26 Ark. Code R. 51-412(a)
When property is exchanged for other property not of a like kind, the property received in exchange shall, for the purpose of determining gain or loss, be treated as the equivalent of cash to the amount of its fair market value. If no market exists in which all of the property so received can be disposed of at the time of exchange for a reasonably certain and definite price in cash, the exchange shall be considered as a conversion of assets from one form to another form which no gain or loss shall be deemed to arise and the property received in exchange shall be taken into the records of the taxpayers at the same cost or assessed value, (plus additions and minus depreciation and depletion allowable), as the property which he exchanged.
2.26 Ark. Code R. 51-412(a)