Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
1998-1 - Comprehensive Corporation Income Tax Regulations
Rule 26-51-426 - DEDUCTIONS - RESERVE FOR BAD DEBTS OR LIABILITIES
Rule 1.26-51-426 - Bad Debt Expense
Universal Citation: AR Admin Rules 1.26-51-426
Current through Register Vol. 49, No. 9, September, 2024
A business is generally allowed to take a bad debt expense. Any bank, savings and loan or any other institution chartered and supervised under federal or state laws shall be allowed a bad debt expense deduction computed in accordance with Internal Revenue Code Sections 582, 585, and 593, as in effect on January 1, 1997. Banks with assets over $500,000,000 must use the specific charge-off method for bad debts.
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