Browse Arkansas Code titles and sections
26-59-113. Payment — Time limitations — Federal election.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-59-113. Payment — Time limitations — Federal election.
(a) The tax imposed by this chapter shall be due and payable nine (9) months after a decedent's death and shall be paid by the executor to the Secretary of the Department of Finance and Administration.
(b)(1)(A) When the secretary finds that the payment on the due date of the tax or any part of the tax would impose undue hardship upon the estate, the secretary may extend the time for any payment of any such part.
(B) However, no extension shall be for more than eighteen (18) months, and the aggregate of the extension with respect to any estate shall not exceed five (5) years from the due date, except as provided in subsection (c) of this section.
(2) In such case, the amount in respect of which the extension is granted shall be paid on or before the date of the expiration of the period of the extension unless further extension is granted.
(c)(1) The provisions of 26 U.S.C. § 6166, as amended and in effect on January 1, 2002, which provide for an election by the representative of a decedent's estate to pay the federal estate tax due on certain qualifying assets of the estate in deferred installments for a period of up to fifteen (15) years at a two-percent interest rate regarding either the estate original shown due on the estate tax return or as later determined to be due following audit shall be adopted as a state estate tax law.
(2)(A) However, the two-percent interest rate shall only apply to the “2-percent portion” as that term is defined in 26 U.S.C. § 6601(j)(2), as amended and in effect on January 1, 2002.
(B) The interest rate on the estate tax exceeding the “2-percent portion” shall be at the rate specified in § 26-18-508 concerning tax deficiencies.
(3) Any timely filed election by the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-59-113
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:26-59-113
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2c7d72958aaa66029895933dbe3ebd5909905e4e107e893db0fe3d2b5d854249
Source location: content.xml paragraph 30409
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26-59-113. Payment — Time limitations — Federal election.
(a) The tax imposed by this chapter shall be due and payable nine (9) months after a decedent's death and shall be paid by the executor to the Secretary of the Department of Finance and Administration.
(b)(1)(A) When the secretary finds that the payment on the due date of the tax or any part of the tax would impose undue hardship upon the estate, the secretary may extend the time for any payment of any such part.
(B) However, no extension shall be for more than eighteen (18) months, and the aggregate of the extension with respect to any estate shall not exceed five (5) years from the due date, except as provided in subsection (c) of this section.
(2) In such case, the amount in respect of which the extension is granted shall be paid on or before the date of the expiration of the period of the extension unless further extension is granted.
(c)(1) The provisions of 26 U.S.C. § 6166, as amended and in effect on January 1, 2002, which provide for an election by the representative of a decedent's estate to pay the federal estate tax due on certain qualifying assets of the estate in deferred installments for a period of up to fifteen (15) years at a two-percent interest rate regarding either the estate original shown due on the estate tax return or as later determined to be due following audit shall be adopted as a state estate tax law.
(2)(A) However, the two-percent interest rate shall only apply to the “2-percent portion” as that term is defined in 26 U.S.C. § 6601(j)(2), as amended and in effect on January 1, 2002.
(B) The interest rate on the estate tax exceeding the “2-percent portion” shall be at the rate specified in § 26-18-508 concerning tax deficiencies.
(3) Any timely filed election by the representative of the decedent's estate for deferral of the payment of federal estate taxes shall be deemed to also defer the payment of the applicable portion of Arkansas estate tax for the same periods of time for the Arkansas assets qualifying for this special federal election.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) 5-year deferral; 10-year installment payment**
(1) **In general** — If the value of an interest in a closely held business which is included in determining the gross estate of a decedent who was (at the date of his death) a citizen or resident of the United States exceeds 35 percent of the adjusted gross estate, the executor may elect to pay part or all of the tax imposed by section 2001 in 2 or more (but not exceeding 10) equal installments.
(2) **Limitation** — The maximum amount of tax which may be paid in installments under this subsection shall be an amount which bears the same ratio to the tax imposed by section 2001 (reduced by the credits against such tax) as—
(A) the closely held business amount, bears to
(B) the amount of the adjusted gross estate.
(3) **Date for payment of installments** — If an election is made under paragraph (1), the first installment shall be paid on or before the date selected by the executor which is not more than 5 years after the date prescribed by section 6151(a) for payment of the tax, and each succeeding installment shall be paid on or before the date which is 1 year after the date prescribed by this paragraph for payment of the preceding installment.
**(b) Definitions and special rules**
(1) **Interest in closely held business** — For purposes of this section, the term “interest in a closely held business” means—
(A) an interest as a proprietor in a trade or business carried on as a proprietorship;
(B) an interest as a partner in a partnership carrying on a trade or business, if—
(i) 20 percent or more of the total capital interest in such partnership is included in determining the gross estate of the decedent, or
(ii) such partnership had 45 or fewer partners; or
(C) stock in a corporation carr
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6166
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 6166. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 3506
TITLE 26—INTERNAL REVENUE CODE
§ 6165
(f) Termination
The Secretary is not required to make any ex-
amination of the statement, but he may make
such examination thereof as he deems necessary
and practicable. The Secretary shall terminate
the extension as to any part of the amount to
which it relates which he deems should be ter-
minated because, upon such examination, he be-
lieves that, as of the time such examination is
made, all or any part of the statement clearly is
in a material respect erroneous or unreasonable.
(g) Payments on termination
If an extension of time is terminated under
subsection (e) or (f) with respect to any amount,
then—
(1) no further extension of time shall be
made under this section with respect to such
amount, and
(2) the time for payment of such amount
shall be considered to be the date on which
payment would have been required if there had
been no extension with respect to such
amount.
(h) Jeopardy
If the Secretary believes that collection of the
amount to which an extension under this section
relates is in jeopardy, he shall immediately ter-
minate such extension, and notice and demand
shall be made by him for payment of such
amount.
(i) Consolidated returns
If the corporation seeking an extension of
time under this section made or was required to
make a consolidated return, either for the tax-
able year within which the net operating loss
arises or for the preceding taxable year affected
by such loss, the provisions of such section shall
apply only to such extent and subject to such
conditions, limitations, and exceptions as the
Secretary may by regulations prescribe.
(Aug. 16, 1954, ch. 736, 68A Stat. 764; Pub. L.
85–866, title I, § 89(b), Sept. 2, 1958, 72 Stat. 1665;
Pub. L. 94–455, title X
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6166
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 6166. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** If any amount of tax imposed by this title (whether required to be shown on a return, or to be paid by stamp or by some other method) is not paid on or before the last date prescribed for payment, interest on such amount at the underpayment rate established under section 6621 shall be paid for the period from such last date to the date paid.
**(b) Last date prescribed for payment** For purposes of this section, the last date prescribed for payment of the tax shall be determined under chapter 62 with the application of the following rules:
(1) **Extensions of time disregarded** — The last date prescribed for payment shall be determined without regard to any extension of time for payment or any installment agreement entered into under section 6159.
(2) **Jeopardy** — The last date prescribed for payment shall be determined without regard to any notice and demand for payment issued, by reason of jeopardy (as provided in chapter 70), prior to the last date otherwise prescribed for such payment.
(3) **Accumulated earnings tax** — In the case of the tax imposed by section 531 for any taxable year, the last date prescribed for payment shall be deemed to be the due date (without regard to extensions) for the return of tax imposed by subtitle A for such taxable year.
(4) **Last date for payment not otherwise prescribed** — In the case of taxes payable by stamp and in all other cases in which the last date for payment is not otherwise prescribed, the last date for payment shall be deemed to be the date the liability for tax arises (and in no event shall be later than the date notice and demand for the tax is made by the Secretary).
**(c) Suspension of interest in certain income, estate, gift, and certain excise tax cases** In the case of a deficiency as
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6601
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 6601. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 3721
TITLE 26—INTERNAL REVENUE CODE
§ 6601
1 Section numbers editorially supplied.
(c) Suits by persons other than taxpayers
(1) General rule
Except as provided by paragraph (2), no suit
or proceeding under section 7426 shall be begun
after the expiration of 2 years from the date of
the levy or agreement giving rise to such ac-
tion.
(2) Period when claim is filed
If a request is made for the return of prop-
erty described in section 6343(b), the 2-year pe-
riod prescribed in paragraph (1) shall be ex-
tended for a period of 12 months from the date
of filing of such request or for a period of 6
months from the date of mailing by registered
or certified mail by the Secretary to the per-
son making such request of a notice of dis-
allowance of the part of the request to which
the action relates, whichever is shorter.
(Aug. 16, 1954, ch. 736, 68A Stat. 816; Pub. L.
85–866, title I, § 89(b), Sept. 2, 1958, 72 Stat. 1665;
Pub. L. 89–719, title I, § 110(b), Nov. 2, 1966, 80
Stat.
1144;
Pub.
L.
94–455,
title
XIX,
§ 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L.
96–589, § 6(d)(4), Dec. 24, 1980, 94 Stat. 3408; Pub.
L. 115–97, title I, § 11071(b), Dec. 22, 2017, 131 Stat.
2091.)
Editorial Notes
AMENDMENTS
2017—Subsec. (c)(1). Pub. L. 115–97, § 11071(b)(1), sub-
stituted ‘‘2 years’’ for ‘‘9 months’’.
Subsec. (c)(2). Pub. L. 115–97, § 11071(b)(2), substituted
‘‘2-year’’ for ‘‘9-month’’.
1980—Subsec. (a)(5). Pub. L. 96–589 added par. (5).
1976—Pub. L. 94–455 struck out ‘‘or his delegate’’ after
‘‘Secretary’’ wherever appearing.
1966—Subsec. (c). Pub. L. 89–719 added subsec. (c).
1958—Subsec. (a)(1), (4). Pub. L. 85–866 inserted ‘‘cer-
tified mail or’’ before ‘‘registered mail’’ wherever ap-
pearing.
Statutory Notes and Related Subsidiar
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6601
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 6601. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-18-508. Interest on deficiencies and overpayments.
Interest shall be collected on tax deficiencies and paid on overpayments as follows:
(1) A tax levied under any state tax law which is not paid when due is delinquent. Interest at the rate of ten percent (10%) per annum shall be collected on the total tax deficiency from the date the return for the tax was due to be filed until the date of payment;
(2) Interest on a tax deficiency shall be assessed at the same time as the tax deficiency. The tax deficiency together with the interest shall be paid upon notice and demand by the Secretary of the Department of Finance and Administration;
(3) When any overpayment has been made by a taxpayer, the overpayment shall be refunded together with interest at the rate of ten percent (10%) per annum;
(4) Interest on overpayments shall be paid from the date the return for the tax was due to be filed or the date the return is filed, whichever occurs later, until a date, to be determined by the secretary, preceding the date of the refund warrant by not more than thirty (30) days, whether or not the warrant is accepted by the taxpayer; and
(5) No interest shall be allowed on an overpayment of tax that is refunded by the secretary within ninety (90) days after the last date provided for filing the return for the tax including any extension of time for filing the return, or ninety (90) days after the date the return is filed, whichever occurs later.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-18-508
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 26-18-508. This identifies an authority to review, not proof of applicability.