Browse Arkansas Code titles and sections
23-111-518. Legislative intent — Definitions — Payable winnings agreements.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-111-518. Legislative intent — Definitions — Payable winnings agreements.
(a) It is the intent of the General Assembly to recognize the rich history of greyhound racing in the state and to provide clarity in the law regarding payable winnings agreements to ensure that the purpose of The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, is met while maintaining the traditions related to greyhound racing.
(b) As used in this section:
(1) “Owner” means the person whose name the greyhound is registered under with the National Greyhound Association;
(2)(A) “Payable winnings” means moneys payable to a payee entitled to collect the moneys due to the owner's greyhound's winning a greyhound race.
(B) “Payable winnings” does not include net casino gaming receipts as defined in The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100;
(3) “Payee” means the person to whom the payable winnings are due; and
(4) “Payor” means an individual, corporation, partnership, association, trust, or other entity holding a franchise to conduct greyhound racing under this chapter.
(c) At the payee's direction, a payee may enter into a written payable winnings agreement that authorizes:
(1) A percentage or agreed-upon amount of the payable winnings to be deducted from the payable winnings by the payor at the payee's request; and
(2) The payment of moneys from the payable winnings to be paid to a nonprofit organization described in 26 U.S.C. § 501(c), as in effect on January 1, 2019, as designated by the payee.
(d) Payable winnings included in a payable winnings agreement shall be paid first to the nonprofit organization listed in the payable winnings agreement, with the remainder paid to the payee.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-111-518
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-111-518
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fbfb7b247327981852c35d130c135df76498643571278e175c587f6dcaec4a30
Source location: content.xml paragraph 62393
Stored source content
23-111-518. Legislative intent — Definitions — Payable winnings agreements.
(a) It is the intent of the General Assembly to recognize the rich history of greyhound racing in the state and to provide clarity in the law regarding payable winnings agreements to ensure that the purpose of The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, is met while maintaining the traditions related to greyhound racing.
(b) As used in this section:
(1) “Owner” means the person whose name the greyhound is registered under with the National Greyhound Association;
(2)(A) “Payable winnings” means moneys payable to a payee entitled to collect the moneys due to the owner's greyhound's winning a greyhound race.
(B) “Payable winnings” does not include net casino gaming receipts as defined in The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100;
(3) “Payee” means the person to whom the payable winnings are due; and
(4) “Payor” means an individual, corporation, partnership, association, trust, or other entity holding a franchise to conduct greyhound racing under this chapter.
(c) At the payee's direction, a payee may enter into a written payable winnings agreement that authorizes:
(1) A percentage or agreed-upon amount of the payable winnings to be deducted from the payable winnings by the payor at the payee's request; and
(2) The payment of moneys from the payable winnings to be paid to a nonprofit organization described in 26 U.S.C. § 501(c), as in effect on January 1, 2019, as designated by the payee.
(d) Payable winnings included in a payable winnings agreement shall be paid first to the nonprofit organization listed in the payable winnings agreement, with the remainder paid to the payee.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exemption from taxation** An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
**(b) Tax on unrelated business income and certain other activities** An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes.
**(c) List of exempt organizations** The following organizations are referred to in subsection (a):
(1) Any corporation organized under Act of Congress which is an instrumentality of the United States but only if such corporation—
(A) is exempt from Federal income taxes—
(i) under such Act as amended and supplemented before July 18, 1984, or
(ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or
(B) is described in subsection (l).
(2) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt under this section. Rules similar to the rules of subparagraph (G) of paragraph (25) shall apply for purposes of this paragraph.
(3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 501
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1660
TITLE 26—INTERNAL REVENUE CODE
§ 501
1 So in original. Probably should be ‘‘Certain savings entities.’’
and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L.
99–514 require an amendment to any plan, such plan
amendment shall not be required to be made before the
first plan year beginning on or after Jan. 1, 1989, see
section 1140 of Pub. L. 99–514, as amended, set out as a
note under section 401 of this title.
TREATMENT OF TRANSFERS OF LAND BETWEEN
RELATED PARTIES
Pub. L. 99–514, title XVIII, § 1803(a)(9), Oct. 22, 1986, 100
Stat. 2794, provided that: ‘‘In the case of any sale or ex-
change before July 1, 1985, to which section 483(f) of the
Internal Revenue Code of 1954 [now 1986] (as in effect on
the day before the date of the enactment of Public Law
99–121 [Oct. 11, 1985]) applies, such section shall be
treated as providing that the discount rate to be used
for purposes of section 483(c)(1) of such Code shall be 6
percent, compounded semiannually.’’
TRANSITIONAL RULE FOR PURPOSES OF IMPUTED
INTEREST RULES
Provisions, respecting treatment of debt instruments
received in exchange for property, relating to special
rules for sales after Dec. 31, 1984, and before July 1, 1985,
general rule for assumptions of loans, exception for as-
sumptions of loans made on or before Oct. 15, 1984, and
exception for assumptions of loans with respect to cer-
tain property, see section 44(b)(4)–(7) of Pub. L. 98–369,
as amended, set out as an Effective Date note under
section 1271 of this title.
Subchapter F—Exempt Organizations
Part
I.
General rule.
II.
Private foundations.
III.
Taxation of business income of certain ex-
empt organizations.
IV.
Farmers’ cooperatives.
V.
Shipowners’ protection and indemnity asso-
ciations.
VI.
Political org
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 501
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.