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Arkansas Code Title 26. Taxation § 26-51-457. Claim of right

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) Title 26 U.S.C. § 1341(a)(1)--(3) and (b)(2), as they existed on January 1, 2013, regarding the computation of income tax when a taxpayer restores a substantial amount held under a claim of right, is adopted for purposes of computing income tax liability under this chapter.

(b)(1) Title 26 U.S.C. § 1341(a)(4) and (5), (b)(1), and (b)(3)--(5), concerning the methods of calculating the deduction authorized under 26 U.S.C. § 1341 and special rules for net operating losses and capital losses, are not adopted.

(2) For the purpose of computing income tax when a taxpayer restores a substantial amount held under a claim of right under this section:

(A) The tax imposed under this chapter is calculated for the taxable year by allowing a deduction in the tax year the taxpayer restores the amount held under a claim of right; and

(B) Net operating losses and capital losses are calculated and deducted under §§ 26-51-427 and 26-51-815.

(c) The Secretary of the Department of Finance and Administration may promulgate rules to administer this section.

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Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-51-457. Claim of right - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-51-457/

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