Arkansas § 26-51-457 Claim of right

Arkansas Statutes

§ 26-51-457 — Claim of right

(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.

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