Ark. Code R. 26-51-404 - 1(b)(1) (1997) - Gain on Sale - Involuntary Conversion

Section 1033 of the Internal Revenue Code of 1986, as in effect on January 1, 1997 relating to the exclusion from gross income of gain resulting from the involuntary conversion of a taxpayer's property, has been adopted for the purpose of computing Arkansas income tax liability. Refer to Treasury Regulations § 1.1033(a) -1 et seq. for guidance on such matters.