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

With respect to excluding from gross income the gain realized from the sale or exchange of a home, both a husband and wife shall be treated as satisfying the age, holding and use requirements of 1.26-51-305(a) if all of the following requirements are met:

(a) The home is held by the husband and wife as either:

i. joint tenants; or

ii. tenants by the entirety;

b) The husband and wife file an Arkansas joint return or "separate on same" return for the tax year in which the home was sold or exchanged; and

c) At least one (1) of the spouses satisfies the age, holding and use requirements of 1.26-51-305(a) with respect to the home.