Arkansas Code Title 26. Taxation § 26-65-102. Definitions

(1) “Affected business entity” means a business entity in which members that hold more than fifty percent (50%) of the voting rights in the business entity elect on an annual basis before the due date or extended due date of the business entity's income tax return to be taxed under this chapter;

(2) “Business entity” means an entity, including without limitation a general partnership, limited partnership, limited liability company, or for federal income tax purposes, a Subchapter S corporation, that:

(3) “Member” means a:

(4) “Net operating loss” means the same as defined in § 26-51-427;

(5) “Pro rata interest” means a member's percentage of allocation of the profits of an affected business entity; and

(6) “Taxable year” means the same as defined in § 26-51-102.