Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-404 - GROSS INCOME GENERALLY
Rule 10.26-51-404(a)(1) - Gain on Sale of Property or Capital Assets

When property is acquired and later sold for an amount in excess of the cost or other basis, the gain on the sale is income. When a corporation sells its capital assets in whole or in part it shall include in its gross income for the tax year in which the sale was made the gain from such sale computed as provided in ACA 26-51-411 through ACA 26-51-413. If the purchaser takes over all of the assets and assumes the liability the amount so assumed is part of the selling price.