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26-59-107. Tax imposed — Nonresident estates.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-59-107. Tax imposed — Nonresident estates.

26-59-107. Tax imposed — Nonresident estates. (a) A tax is imposed upon the transfer of all real, tangible, and intangible personal property located in the State of Arkansas of any nonresident of this state in a sum equal to the proportion of the federal credit allowable under the federal estate tax laws, 26 U.S.C. § 2001 et seq., as in effect on January 1, 2002, for estate, inheritance, legacy, and succession taxes that the Arkansas property of such a deceased person bears to the property of the entire estate, wherever located. (b) “Arkansas property” shall be construed to include, without limiting its generality by this specification, the following items of intangible personal property: (1) Debts including bank deposits owed to the decedent by any individual resident in this state, or by any bank or other corporation organized under the laws of this state, or by any national bank doing business in this state without regard to the physical location of any written evidence of indebtedness; and (2) Shares of the capital stock of any corporation organized under the laws of this state without regard to the physical location of the stock certificate. (c) However, if the decedent at the time of death was a resident of a state or territory of the United States that, at the time of his or her death, provides an exemption to a resident of this state from transfer or death taxes, then the nonresident of the other state or territory shall be exempt from the payment of the estate or inheritance tax in this state. (d) 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) · 26-59-107

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:26-59-107
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 23dbf00a857b392f135a9c1fa4513712dfd68062ba12cb5732f2f18c7698b1b9

Source location: content.xml paragraph 30310

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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.