Browse Arkansas Code titles and sections

26-51-426. Deductions — Reserve for bad debts or liabilities.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-51-426. Deductions — Reserve for bad debts or liabilities.

26-51-426. Deductions — Reserve for bad debts or liabilities. Any bank, building and loan, savings and loan, or any other savings institution chartered and supervised as a savings and loan or similar associations under federal or state law shall be allowed a bad debt expense deduction computed in accordance with 26 U.S.C. §§ 582, 585, and 593, as in effect on January 1, 1999.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-426

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:26-51-426
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1e57dc9e5eef90048234ee693b3b4520e4cae881d7a19f58ad5ce4f04fbf6e28

Source location: content.xml paragraph 12737

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 582 — Bad debts, losses, and gains with respect to securities held by financial institutions

**(a) Securities** Notwithstanding sections 165(g)(1) and 166(e), subsections (a) and (b) of section 166 (relating to allowance of deduction for bad debts) shall apply in the case of a bank to a debt which is evidenced by a security as defined in section 165(g)(2)(C). **(b) Worthless stock in affiliated bank** For purposes of section 165(g)(1), where the taxpayer is a bank and owns directly at least 80 percent of each class of stock of another bank, stock in such other bank shall not be treated as a capital asset. **(c) Bond, etc., losses and gains of financial institutions** (1) **General rule** — For purposes of this subtitle, in the case of a financial institution referred to in paragraph (2), the sale or exchange of a bond, debenture, note, or certificate or other evidence of indebtedness shall not be considered a sale or exchange of a capital asset. For purposes of the preceding sentence, any regular or residual interest in a REMIC shall be treated as an evidence of indebtedness. (2) **Financial institutions to which paragraph (1) applies** (A) *In general* — For purposes of paragraph (1), the financial institutions referred to in this paragraph are— (i) any bank (and any corporation which would be a bank except for the fact it is a foreign corporation), (ii) any financial institution referred to in section 591, (iii) any small business investment company operating under the Small Business Investment Act of 1958, and (iv) any business development corporation. (B) *Business development corporation* — For purposes of subparagraph (A), the term “business development corporation” means a corporation which was created by or pursuant to an act of a State legislature for purposes of promoting, maintaining, and assisting the economy and indust

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 582

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 582. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 582 — Bad debts, losses, and gains with respect to

Page 1775 TITLE 26—INTERNAL REVENUE CODE § 582 panying the consent shall be credited against the tax imposed by this subtitle on the share- holder. (f) Definitions (1) Consent stock Consent stock, for purposes of this section, means the class or classes of stock entitled, after the payment of preferred dividends, to a share in the distribution (other than in com- plete or partial liquidation) within the taxable year of all the remaining earnings and profits, which share constitutes the same proportion of such distribution regardless of the amount of such distribution. (2) Preferred dividends Preferred dividends, for purposes of this sec- tion, means a distribution (other than in com- plete or partial liquidation), limited in amount, which must be made on any class of stock before a further distribution (other than in complete or partial liquidation) of earnings and profits may be made within the taxable year. (Aug. 16, 1954, ch. 736, 68A Stat. 200; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.) Editorial Notes AMENDMENTS 1976—Subsecs. (a), (e). Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’. Subchapter H—Banking Institutions Part I. Rules of general application to banking insti- tutions. II. Mutual savings banks, etc. Editorial Notes AMENDMENTS 1976—Pub. L. 94–455, title XIX, § 1901(b)(20)(C), Oct. 4, 1976, 90 Stat. 1797, struck out item for part III ‘‘Bank affiliates’’. PART I—RULES OF GENERAL APPLICATION TO BANKING INSTITUTIONS Sec. 581. Definition of bank. 582. Bad debts, losses, and gains with respect to securities held by financial institutions. [583. Repealed.] 584. Common trust funds. 585. Reserves for losses on loans of banks. [586. Repealed.] Editorial Notes AME

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 582

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 582. This identifies an authority to review, not proof of applicability.