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26-52-514. Determining total consideration for sale of vehicle — Alternative method.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-52-514. Determining total consideration for sale of vehicle — Alternative method.
(a) The Secretary of the Department of Finance and Administration is authorized to adopt an alternative method for determining the total consideration for the sale of new or used:
(1) Manufactured homes, mobile homes, or modular homes under § 26-52-801 et seq.;
(2) Aircraft under § 26-52-505; and
(3) Motor vehicles, trailers, or semitrailers under §§ 26-52-510 and 26-53-126.
(b)(1) The alternative method adopted shall incorporate any generally accepted method of determining the value of the item being sold.
(2) If the consideration stated by the parties to the sale is less than the value determined by the generally accepted method of valuation, then for purposes of taxation it shall be presumed that the higher figure is the total consideration, unless the taxpayer provides a contract, bill of sale, or other evidence establishing that the true consideration is less than the value determined under the alternative method.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-52-514
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:26-52-514
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9552e879e26676e37cd8510ae593814b96febbf890c25d1c7f5da4f7cbe6529b
Source location: content.xml paragraph 20332
Stored source content
26-52-514. Determining total consideration for sale of vehicle — Alternative method.
(a) The Secretary of the Department of Finance and Administration is authorized to adopt an alternative method for determining the total consideration for the sale of new or used:
(1) Manufactured homes, mobile homes, or modular homes under § 26-52-801 et seq.;
(2) Aircraft under § 26-52-505; and
(3) Motor vehicles, trailers, or semitrailers under §§ 26-52-510 and 26-53-126.
(b)(1) The alternative method adopted shall incorporate any generally accepted method of determining the value of the item being sold.
(2) If the consideration stated by the parties to the sale is less than the value determined by the generally accepted method of valuation, then for purposes of taxation it shall be presumed that the higher figure is the total consideration, unless the taxpayer provides a contract, bill of sale, or other evidence establishing that the true consideration is less than the value determined under the alternative method.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-52-505. Sales of aircraft.
(a) Every person selling new or used aircraft in this state, whether from an established business, under a dealership, as a flying service, or as a private individual, shall obtain and hold a permit as provided in § 26-52-202 and shall make a monthly report and remittance to the Secretary of the Department of Finance and Administration as provided in this chapter, together with copies of invoices, sales tickets, or bills of sale reflecting the date of all sales of aircraft, the purchaser's name and address, the make, year, model, serial number, and gross sales price of each aircraft, and the amount of tax collected from the purchaser.
(b) When a used aircraft is taken in trade as a credit or part payment on the sale of a new or used aircraft, the tax levied by this chapter and all other gross receipts taxes levied by the state shall be paid on the net difference between the total consideration for the new or used aircraft sold and the credit for the used aircraft taken in trade. However, if the total consideration for the sale of the new or used aircraft is less than two thousand dollars ($2,000), no tax shall be due.
(c) However, the gross receipts or gross proceeds derived from the sale of new aircraft manufactured or substantially completed within the State of Arkansas shall not be subject to the gross receipts tax when sold by the manufacturer or substantial completer to a purchaser for use exclusively outside this state, notwithstanding the fact that possession may be taken in the state for the sole purpose of removing the aircraft from the state under its own power.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-52-505
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 26-52-505. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-52-510. Direct payment of tax by consumer-user — New and used motor vehicles, trailers, or semitrailers — Definition.
(a)(1) On or before the time for registration as prescribed by § 27-14-903(a), a consumer shall pay to the Secretary of the Department of Finance and Administration the tax levied by this chapter and all other gross receipts taxes levied by the state with respect to the sale of a new or used motor vehicle, trailer, or semitrailer required to be licensed in this state, instead of the taxes being collected by the dealer or seller.
(2) The secretary shall require the payment of the taxes at the time of registration before issuing a license for the new or used motor vehicle, trailer, or semitrailer.
(3)(A) The taxes apply regardless of whether the motor vehicle, trailer, or semitrailer is sold by a vehicle dealer or an individual, corporation, or partnership not licensed as a vehicle dealer.
(B) The exemption in § 26-52-401(17) for isolated sales does not apply to the sale of a motor vehicle, trailer, or semitrailer.
(4) If the consumer fails to pay the taxes when due:
(A) There is assessed a penalty equal to ten percent (10%) of the amount of taxes due; and
(B) The consumer shall pay to the secretary the penalty under subdivision (a)(4)(A) of this section and the taxes due before the secretary issues a license for the motor vehicle, trailer, or semitrailer.
(b)(1)(A) Except as provided in this section, when a used motor vehicle, trailer, or semitrailer is taken in trade as a credit or part payment on the sale of a new or used motor vehicle, trailer, or semitrailer, the tax levied by this chapter and all other gross receipts taxes levied by the state shall be paid on the net difference between the total consideration for the new or used ve
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-52-510
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 26-52-510. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-52-801. Definitions.
As used in this subchapter:
(1) “Acquisition price” means the purchase price of the new manufactured home or modular home to be paid by the purchaser as set forth on the actual invoice or bill of sale, excluding transportation and delivery fees, installation fees, and other items or services that are to be included as part of the final sale of the new manufactured home or modular home by the retailer before the consideration of a trade-in allowance or down payment paid in cash or otherwise;
(2) “Manufactured home” means a factory-built structure produced in accordance with the National Manufactured Housing Construction and Safety Standards Act of 1974, 42 U.S.C. § 5401 et seq., and designed to be used as a dwelling unit;
(3) “Mobile home” means a structure built in a factory prior to the enactment of the National Manufactured Housing Construction and Safety Standards Act of 1974, 42 U.S.C. § 5401 et seq., and designed to be used as a dwelling unit; and
(4) “Modular home” means a factory-built structure produced in accordance to state or local construction codes and standards and designed to be used as a dwelling unit.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-52-801
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 26-52-801. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-53-126. Tax on new and used motor vehicles, trailers, or semitrailers — Payment and collection.
(a)(1) Upon being registered in this state, a new or used motor vehicle, trailer, or semitrailer required to be licensed in this state is subject to the tax levied in this subchapter and all other use taxes levied by the state regardless of whether the motor vehicle, trailer, or semitrailer was purchased from a dealer or an individual.
(2)(A) On or before the time for registration as prescribed by § 27-14-903(a), the person making application to register the motor vehicle, trailer, or semitrailer shall pay the taxes to the Secretary of the Department of Finance and Administration instead of the taxes being collected by the dealer or individual seller.
(B) The secretary shall collect the taxes before issuing a license for the motor vehicle, trailer, or semitrailer.
(3) The exemption in § 26-52-401(17) for isolated sales does not apply to the sale of a motor vehicle, trailer, or semitrailer.
(4) If the person making application to register the motor vehicle, trailer, or semitrailer fails to pay the taxes when due:
(A) There is assessed a penalty equal to ten percent (10%) of the amount of taxes due; and
(B) The person making application to register the motor vehicle, trailer, or semitrailer shall pay to the secretary the penalty under subdivision (a)(4)(A) of this section and the taxes due before the secretary issues a license for the motor vehicle, trailer, or semitrailer.
(b)(1) When a used motor vehicle, trailer, or semitrailer is taken in trade as a credit or part payment on the sale of a new or used vehicle, trailer, or semitrailer, the tax levied in this subchapter and all other use taxes levied by the state shall be paid on the net difference between t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-53-126
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 26-53-126. This identifies an authority to review, not proof of applicability.