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26-26-1203. Merchants.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-1203. Merchants.
(a) Any person owning or having in his or her possession or under his or her control, within this state, with authority to sell it, any personal property purchased with a view to its being sold at a profit, or which has been consigned to him or her from any place out of this state, to be sold within this state, shall be held to be a merchant for the purpose of this valuation.
(b)(1) The property shall be listed for taxation and in estimating the value the merchant shall take the average value of the property in his or her possession or under his or her control during the year immediately preceding January 1 of the year in which the assessment is made.
(2) If the merchant has not been engaged in the business for one (1) year, then he or she shall take the average valuation during such time as he or she shall have been so engaged.
(3) If the merchant is commencing business, he or she shall take the value of the property at the time of assessment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-1203
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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Record provenance
Stable record: arkansas_code:legal_authorities:26-26-1203
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f7f1a9abc8e6a26de7248df40012f6471082bab36b0221783f4e1da0aebcb505
Source location: content.xml paragraph 6030
Stored source content
26-26-1203. Merchants.
(a) Any person owning or having in his or her possession or under his or her control, within this state, with authority to sell it, any personal property purchased with a view to its being sold at a profit, or which has been consigned to him or her from any place out of this state, to be sold within this state, shall be held to be a merchant for the purpose of this valuation.
(b)(1) The property shall be listed for taxation and in estimating the value the merchant shall take the average value of the property in his or her possession or under his or her control during the year immediately preceding January 1 of the year in which the assessment is made.
(2) If the merchant has not been engaged in the business for one (1) year, then he or she shall take the average valuation during such time as he or she shall have been so engaged.
(3) If the merchant is commencing business, he or she shall take the value of the property at the time of assessment.
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