Ark. Code R. 26-51-305 - 1(a) (1997) - One Time Exclusion of Gain From Gross Income

A taxpayer may make a one time (i.e., once-in-a-lifetime) election to exclude from his gross income the gain realized from the sale or exchange of a home if the following conditions are met:

1 The taxpayer has reached the age of fifty-five (55) before the date of the sale or exchange; and

2 During the five (5) year periodending on the date of the sale or exchange, the home was owned and used by the taxpayer as his principal residence for a period of (or periods aggregating) three (3) years or more.