Ark. Code R. 26-51-440 - 1 (1997) - Deduction - College and Technical School Tuition

Subchapter M of the Internal Revenue Code as in effect on 01/01/97 has been adopted with the exception of its tax rates. Arkansas tax rates remain in effect as set forth in ACA26-51-205. If a federal election is made relating to a RIC, REIT, FASIT or any other corporation registered as an investment company, the same election is automatically deemed to have been made for Arkansas income tax purposes.

If a corporation no longer qualifies as initially elected, then it must file an Arkansas corporation income tax return and be taxed as a "C" corporation.