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26-51-405. Partnership income.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-405. Partnership income.
(a) An individual carrying on business as a partner in a partnership shall be liable for income tax only in his or her individual capacity and shall include in his or her gross income the distributive share of the net income or net loss of the partnership received by him or her or distributable to him or her during the income year.
(b) The partner shall report all deductions or credits distributable to him or her personally as a partner in the partnership.
(c) A partner's distributive share of partnership loss shall be allowed only to the extent of the adjusted basis of the partner's interest in the partnership at the end of the partnership year in which the loss occurred.
(d) Any excess of the loss over the basis shall be allowed as a deduction at the end of the partnership year in which the excess is repaid to the partnership.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-405
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:26-51-405
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 294ebc993a3a950c95c997f83faa6b4b28c4fdd49e6ef44cfd62b06e31a78baf
Source location: content.xml paragraph 12363
Stored source content
26-51-405. Partnership income.
(a) An individual carrying on business as a partner in a partnership shall be liable for income tax only in his or her individual capacity and shall include in his or her gross income the distributive share of the net income or net loss of the partnership received by him or her or distributable to him or her during the income year.
(b) The partner shall report all deductions or credits distributable to him or her personally as a partner in the partnership.
(c) A partner's distributive share of partnership loss shall be allowed only to the extent of the adjusted basis of the partner's interest in the partnership at the end of the partnership year in which the loss occurred.
(d) Any excess of the loss over the basis shall be allowed as a deduction at the end of the partnership year in which the excess is repaid to the partnership.
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