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 5.26-51-404(a)(1) - Payment in Forms Other than Cash

Where services are paid for with something other than money, the fair market value for the item taken in payment is the amount to be included as income. Unless there is evidence to the contrary, services rendered at a stipulated price will be presumed to be the fair market value of the compensation received.

Compensation paid to an employee of a corporation in the corporation's own stock is to be treated as if the corporation sold the stock for its fair market value and then paid the employee in cash.