Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
1998-1 - Comprehensive Corporation Income Tax Regulations
Rule 26-51-404 - GROSS INCOME GENERALLY
Rule 2.26-51-404(a)(2) - Installment Sales of Personal Property
Universal Citation: AR Admin Rules 2.26-51-404(a)(2)
Current through Register Vol. 49, No. 9, September, 2024
Dealers who sell personal property on an installment plan must include all installment payments received during any given tax year in the dealer's gross income for such tax year. The income from installment sales cannot be reported evenly over the life of the installment contract when payments are accelerated or delayed compared to the contractual amortization. A dealer is one who is engaged in buying and selling personal property of the same type or real estate as his principal business. For treatment of gain or loss on such sales, see 1. 26-51-411(e).
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