Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-428 - DEDUCTIONS - DEPRECIATION; EXPENSING OF PROPERTY
Rule 1.26-51-428(a) - Depreciation

Universal Citation: AR Admin Rules 1.26-51-428(a)
Current through Register Vol. 49, No. 9, September, 2024

For property placed in service during tax years beginning before 01/01/95, IRC Sections 167, 168 and 179 as in effect on 01/01/91 shall apply. The IRC Sec. 179 deduction is limited to $10,000. Any IRC Sec. 179 expense disallowed because of the limitation may be depreciated by regular depreciation methods appropriate for that property or can be carried forward.

Property placed in service during tax years beginning before 01/01/95 will have a useful life as determined by IRC Sec. 168 as in effect on 01/01/91. Property placed in service during tax years beginning on or after 01/01/95 will have a useful life as determined by IRC Sec. 168 as in effect on 01/01/95.

Any differences in basis because of depreciation differences must be included in the determination of gain or loss upon disposition of the property.

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