§ 26-51-428 - Arkansas Statutes

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Understanding Arkansas Federal non-conformity with Section 179 of the Internal Revenue Code

Second of 2 versions of this section

26-51-428. Depreciation -- Deductions -- Expensing of property. [Effective if contingency in Acts 2007, No. 613, 2 is met.]

(a) Sections 167, 168, and 179A of the Internal Revenue Code of 1986, as in effect on January 1, 1999, and section 179 of the Internal Revenue Code of 1986, 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) Section 197 of the Internal Revenue Code of 1986, 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.