Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-411 - GAIN OR LOSS - SALES OF PROPERTY
Rule 4.26-51-411(a) - Sale of Property Acquired by Gift

Universal Citation: AR Admin Rules 4.26-51-411(a)
Current through Register Vol. 49, No. 9, September, 2024

If the property was acquired by gift, (even though the gift was made in contemplation of or was intended to take effect in possession or enjoyment at or after the donor's death) the basis is the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift. If the donee is unable to ascertain the facts necessary to determine the basis, he shall so state upon his return and the Income Tax Director will, if possible, obtain such facts from the donor or last preceding owner or any other person cognizant therefore. If the Income Tax Director finds it impossible to obtain such facts, the basis shall be the last assessed valuation of the property while in the hands of the donor.

Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.