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26-59-106. Amount of tax imposed — Resident estates.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-59-106. Amount of tax imposed — Resident estates.

26-59-106. Amount of tax imposed — Resident estates. (a) A tax is imposed upon the transfer of real estate and personal property of every kind owned by every person who at the time of death was a resident of the State of Arkansas, the amount of which shall be a sum equal to the federal credit allowable under the federal estate tax laws, 26 U.S.C. § 2001 et seq., as in effect on January 1, 2002. (b) Ownership of property shall include a share or certificate of indebtedness or other evidence of stock ownership in a foreign company or corporation, which share or certificate is present in this state. (c)(1)(A) If any portion of the property of the estate is located in another state and the other state participates in the federal credit allowable, then the Arkansas tax shall be the proportional part of the credit allowable as the Arkansas property bears to the entire estate. (B) However, if the other state shall have a reciprocal provision as to the nontaxability of property of a nonresident, then all of the federal credit allowable shall be paid to this state. (2) However, if no federal estate tax is imposed upon the transfer of property, no Arkansas estate tax shall be imposed on the transfer of property.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-59-106

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:26-59-106
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ea7a85f3bc10ff31ffacda828c78b5f7bf9c92db9f0461e19fd4a253dd55a4e0

Source location: content.xml paragraph 30287

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

26 U.S.C. § 2001 — Imposition and rate of tax

**(a) Imposition** A tax is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States. **(b) Computation of tax** The tax imposed by this section shall be the amount equal to the excess (if any) of— (1) a tentative tax computed under subsection (c) on the sum of— (A) the amount of the taxable estate, and (B) the amount of the adjusted taxable gifts, over (2) the aggregate amount of tax which would have been payable under chapter 12 with respect to gifts made by the decedent after December 31, 1976, if the modifications described in subsection (g) had been applicable at the time of such gifts. For purposes of paragraph (1)(B), the term “adjusted taxable gifts” means the total amount of the taxable gifts (within the meaning of section 2503) made by the decedent after December 31, 1976, other than gifts which are includible in the gross estate of the decedent. **(c) Rate schedule** If the amount with respect to which the tentative tax to be computed is:The tentative tax is: Not over $10,00018 percent of such amount. Over $10,000 but not over $20,000$1,800, plus 20 percent of the excess of such amount over $10,000. Over $20,000 but not over $40,000$3,800, plus 22 percent of the excess of such amount over $20,000. Over $40,000 but not over $60,000$8,200 plus 24 percent of the excess of such amount over $40,000. Over $60,000 but not over $80,000$13,000, plus 26 percent of the excess of such amount over $60,000. Over $80,000 but not over $100,000$18,200, plus 28 percent of the excess of such amount over $80,000. Over $100,000 but not over $150,000$23,800, plus 30 percent of the excess of such amount over $100,000. Over $150,000 but not over $250,000$38,800, plus 32 percent of the excess of such amount ove

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2001

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 2001. This identifies an authority to review, not proof of applicability.

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

26 U.S.C. § 2001 — Imposition and rate of tax

Page 2563 TITLE 26—INTERNAL REVENUE CODE § 2001 1 Section numbers editorially supplied. 1 Section numbers editorially supplied. Subsec. (c)(2)(A)(iv). Pub. L. 91–172, § 401(d)(1), added cl. (iv). Subsec. (c)(2)(B). Pub. L. 91–172, § 401(d)(2), substituted ‘‘5 or fewer persons who are individuals, estates, or trusts (referred to in this subparagraph as ‘common owners’) own’’ for ‘‘a person who is an individual, es- tate, or trust (referred to in this paragraph as ‘common owner’) owns’’ and in cl. (ii), substituted ‘‘any of such common owners’’, ‘‘any of the common owners’’ for ‘‘such common owner’’ and ‘‘the common owner’’, re- spectively and added cl. (iii). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2004 AMENDMENT Pub. L. 108–357, title VIII, § 900(c), Oct. 22, 2004, 118 Stat. 1650, provided that: ‘‘The amendments made by this section [amending this section] shall apply to tax- able years beginning after the date of the enactment of this Act [Oct. 22, 2004].’’ EFFECTIVE DATE OF 1988 AMENDMENT Pub. L. 100–647, title I, § 1018(s)(3)(B), Nov. 10, 1988, 102 Stat. 3587, provided that: ‘‘The amendment made by subparagraph (A) [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Nov. 10, 1988].’’ EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 1024(e) of Pub. L. 99–514, set out as a note under section 831 of this title. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–369 applicable to taxable years beginning after Dec. 31, 1983, see section 215 of Pub. L. 98–369, set out as an Effective Date note under section 801 of this title. EFFECTIVE DATE OF 1969 AMENDMENT Amendment by Pub. L. 91–

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2001

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 2001. This identifies an authority to review, not proof of applicability.