Arkansas § 26-51-457 Claim of right

Arkansas Statutes

§ 26-51-457 — Claim of right

Arkansas § 26-51-457

Title26

This text of Arkansas § 26-51-457 (Claim of right) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 26-51-457 (2026).

Text

(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

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(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.