Basis for determining liability — Arkansas Code § 26-51-402

# (a)

Tax year – Arkansas Code § 26-51-402(a).

# (b)

No income tax return can be made for a period of more than twelve (12) months, unless the return is based on a fifty-two-week or fifty-three-week tax year.

# (c)

A separate income tax return for a fractional part of a year is therefore required whenever there is a change (with the approval of the Secretary of the Department of Finance and Administration) in the basis of computing net income from one (1) tax year to another tax year.

# (d)

The requirements for filing a separate income tax return and payment of tax for a part of a tax year are the same as for the filing of an income tax return and the payment of tax for a full tax year closing at the same time.

# (e)

The tax on net income computed for the period for which a separate income tax return is made shall be computed at the rate for the tax year in which such period is included.

# (f)

Arkansas taxpayers must use the same tax year as that used on the federal income tax return.

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