(a) Title 26 U.S.C. §§ 167 and 168(a)-(j), as in effect on January 1, 2015, and 26 U.S.C. § 179, as in effect on January 1, 2009, regarding depreciation and expensing of property, are adopted for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2014.
(b) The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect to any property shall be the adjusted basis provided in § 26-51-411 for the purpose of determining the gain on the sale or other disposition of the property.
(c) Title 26 U.S.C. § 197, as in effect on January 1, 2007, regarding the amortization of goodwill and certain other intangibles, is adopted for the purpose of computing Arkansas income tax liability.
§ 26-51-428 - Depreciation -- Deductions -- Expensing of property. [Effective if contingency in Acts 2007, No. 613, § 2 is met.]
(a) Title 26 U.S.C. §§ 167, 168, and 179A, as in effect on January 1, 1999, and 26 U.S.C. § 179 as in effect on January 1, 2007, regarding depreciation and expensing of property, are adopted for the purpose of computing Arkansas income tax liability.
(b) The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect to any property shall be the adjusted basis provided in § 26-51-411 for the purpose of determining the gain on the sale or other disposition of the property.
(c) Title 26 U.S.C. § 197, as in effect on January 1, 2007, regarding the amortization of goodwill and certain other intangibles, is adopted for the purpose of computing Arkansas income tax liability.
Section: Previous 26-51-420 26-51-422 26-51-423 26-51-424 26-51-425 26-51-426 26-51-427 26-51-428 26-51-429 26-51-430 26-51-431 26-51-435 26-51-436 26-51-437 26-51-439 NextLast modified: November 15, 2016