Browse Arkansas Code titles and sections
26-51-415. Deductions — Interest.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-415. Deductions — Interest.
Title 26 U.S.C. § 163, as in effect on January 1, 2017, regarding deductions for interest expenses, is adopted for the purpose of computing Arkansas income tax liability.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-415
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:26-51-415
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d51025a0032fdd7d8bf9b484d27ff94d6a0119e8a66e0f6e29d935723e3ff7f5
Source location: content.xml paragraph 12534
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26-51-415. Deductions — Interest.
Title 26 U.S.C. § 163, as in effect on January 1, 2017, regarding deductions for interest expenses, is adopted for the purpose of computing Arkansas income tax liability.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** There shall be allowed as a deduction all interest paid or accrued within the taxable year on indebtedness.
**(b) Installment purchases where interest charge is not separately stated**
(1) **General rule** — If personal property or educational services are purchased under a contract—
(A) which provides that payment of part or all of the purchase price is to be made in installments, and
(B) in which carrying charges are separately stated but the interest charge cannot be ascertained,
then the payments made during the taxable year under the contract shall be treated for purposes of this section as if they included interest equal to 6 percent of the average unpaid balance under the contract during the taxable year. For purposes of the preceding sentence, the average unpaid balance is the sum of the unpaid balance outstanding on the first day of each month beginning during the taxable year, divided by 12. For purposes of this paragraph, the term “educational services” means any service (including lodging) which is purchased from an educational organization described in section 170(b)(1)(A)(ii) and which is provided for a student of such organization.
(2) **Limitation** — In the case of any contract to which paragraph (1) applies, the amount treated as interest for any taxable year shall not exceed the aggregate carrying charges which are properly attributable to such taxable year.
**(c) Redeemable ground rents** For purposes of this subtitle, any annual or periodic rental under a redeemable ground rent (excluding amounts in redemption thereof) shall be treated as interest on an indebtedness secured by a mortgage.
**(d) Limitation on investment interest**
(1) **In general** — In the case of a taxpayer other than a corporation, the amount al
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 163
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 163. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 741
TITLE 26—INTERNAL REVENUE CODE
§ 163
by Pub. L. 103–66, title XIII, § 13174(a)(2), Aug. 10, 1993,
107 Stat. 457.
Pub. L. 101–239, title VII, § 7107(a)(2), Dec. 19, 1989, 103
Stat. 2306, provided that, in the case of any taxable
year beginning in 1990 only amounts paid before Oct. 1,
1990, by the individual for insurance coverage for peri-
ods before Oct. 1, 1990, would be taken into account in
determining the amount deductible under subsec. (l) of
this section with respect to such individual for such
taxable year, and that for purposes of subsec. (l)(2)(A)
of this section, the amount of the earned income de-
scribed in such paragraph taken into account for such
taxable year would be the amount which bears the
same ratio to the total amount of such earned income
as the number of months in such taxable year ending
before Oct. 1, 1990, bears to the number of months in
such taxable year, prior to repeal by Pub. L. 101–508,
title XI, § 11410(b), Nov. 5, 1990, 104 Stat. 1388–479.
BUSINESS USE OF AUTOMOBILES BY RURAL MAIL
CARRIERS
Pub. L. 100–647, title VI, § 6008, Nov. 10, 1988, 102 Stat.
3687, provided that in the case of any employee of the
United States Postal Service who performed services
involving the collection and delivery of mail on a rural
route, such employee was permitted to compute the
amount allowable as a deduction under this chapter for
the use of an automobile in performing such services by
using a standard mileage rate for all miles of such use
equal to 150 percent of the basic standard rate, prior to
repeal by Pub. L. 105–34, title XII, § 1203(b), Aug. 5, 1997,
111 Stat. 995. See subsec. (o) of this section.
PLAN AMENDMENTS NOT REQUIRED UNTIL
JANUARY 1, 1989
For provisions directing that if any amendments
made by subt
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 163
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 163. This identifies an authority to review, not proof of applicability.