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26-51-406. Income to beneficiaries of trusts and estates.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-406. Income to beneficiaries of trusts and estates.
(a) Every individual, taxable under the Income Tax Act of 1929, § 26-51-101 et seq., who is a beneficiary of an estate or trust shall include in his or her gross income the distributive share of the income or loss of the estate or trust received by him or her or distributable to him or her during the income year.
(b) Unless otherwise provided in the law or the will, the deed, or other instrument creating the estate, trust, or fiduciary relationship, the net income shall be deemed to be distributed or distributable to the beneficiaries, including the fiduciary as a beneficiary, in the case of income accumulated for future distribution, ratably in proportion to their respective interests.
(c) Any excess losses accumulated by the estate or trust at the time of the termination of the estate or trust shall be distributable to the beneficiaries ratably and claimed by the beneficiaries on the individual Arkansas income tax returns as otherwise provided by the Income Tax Act of 1929, § 26-51-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-406
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:26-51-406
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5d9a5a0bcddd2cb7458eb1904037af4670f6565daf4e6a773ab77fb30e036302
Source location: content.xml paragraph 12376
Stored source content
26-51-406. Income to beneficiaries of trusts and estates.
(a) Every individual, taxable under the Income Tax Act of 1929, § 26-51-101 et seq., who is a beneficiary of an estate or trust shall include in his or her gross income the distributive share of the income or loss of the estate or trust received by him or her or distributable to him or her during the income year.
(b) Unless otherwise provided in the law or the will, the deed, or other instrument creating the estate, trust, or fiduciary relationship, the net income shall be deemed to be distributed or distributable to the beneficiaries, including the fiduciary as a beneficiary, in the case of income accumulated for future distribution, ratably in proportion to their respective interests.
(c) Any excess losses accumulated by the estate or trust at the time of the termination of the estate or trust shall be distributable to the beneficiaries ratably and claimed by the beneficiaries on the individual Arkansas income tax returns as otherwise provided by the Income Tax Act of 1929, § 26-51-101 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-101. Title.
This act shall be known and may be cited as the “Income Tax Act of 1929”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-101
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. The source passage cites 26-51-101. This identifies an authority to review, not proof of applicability.