Browse Arkansas Code titles and sections
28-68-216. Taxes.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-68-216. Taxes.
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to:
(1) prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, Federal Insurance Contributions Act, and other tax returns, claims for refunds, requests for extension of time, petitions regarding tax matters, and any other tax-related documents, including receipts, offers, waivers, consents, including consents and agreements under Internal Revenue Code Section 2032A, 26 U.S.C. Section 2032A, as it existed on January 1, 2011, closing agreements, and any power of attorney required by the Internal Revenue Service or other taxing authority with respect to a tax year upon which the statute of limitations has not run and the following 25 tax years;
(2) pay taxes due, collect refunds, post bonds, receive confidential information, and contest deficiencies determined by the Internal Revenue Service or other taxing authority;
(3) exercise any election available to the principal under federal, state, local, or foreign tax law; and
(4) act for the principal in all tax matters for all periods before the Internal Revenue Service, or other taxing authority.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-68-216
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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Record provenance
Stable record: arkansas_code:legal_authorities:28-68-216
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 567d1831de6157412b9055104fbd366ba87e591a0424aee49991d1f77d602dab
Source location: content.xml paragraph 10840
Stored source content
28-68-216. Taxes.
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to:
(1) prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, Federal Insurance Contributions Act, and other tax returns, claims for refunds, requests for extension of time, petitions regarding tax matters, and any other tax-related documents, including receipts, offers, waivers, consents, including consents and agreements under Internal Revenue Code Section 2032A, 26 U.S.C. Section 2032A, as it existed on January 1, 2011, closing agreements, and any power of attorney required by the Internal Revenue Service or other taxing authority with respect to a tax year upon which the statute of limitations has not run and the following 25 tax years;
(2) pay taxes due, collect refunds, post bonds, receive confidential information, and contest deficiencies determined by the Internal Revenue Service or other taxing authority;
(3) exercise any election available to the principal under federal, state, local, or foreign tax law; and
(4) act for the principal in all tax matters for all periods before the Internal Revenue Service, or other taxing authority.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Value based on use under which property qualifies**
(1) **General rule** — If—
(A) the decedent was (at the time of his death) a citizen or resident of the United States, and
(B) the executor elects the application of this section and files the agreement referred to in subsection (d)(2),
then, for purposes of this chapter, the value of qualified real property shall be its value for the use under which it qualifies, under subsection (b), as qualified real property.
(2) **Limitation on aggregate reduction in fair market value** — The aggregate decrease in the value of qualified real property taken into account for purposes of this chapter which results from the application of paragraph (1) with respect to any decedent shall not exceed $750,000.
(3) **Inflation adjustment** — In the case of estates of decedents dying in a calendar year after 1998, the $750,000 amount contained in paragraph (2) shall be increased by an amount equal to—
(A) $750,000, multiplied by
(B) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting “calendar year 1997” for “calendar year 2016” in subparagraph (A)(ii) thereof.
If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the next lowest multiple of $10,000.
**(b) Qualified real property**
(1) **In general** — For purposes of this section, the term “qualified real property” means real property located in the United States which was acquired from or passed from the decedent to a qualified heir of the decedent and which, on the date of the decedent’s death, was being used for a qualified use by the decedent or a member of the decedent’s family, but only if—
(A) 50 percent or more of the adjusted value of the
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2032A
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 2032A. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 2578
TITLE 26—INTERNAL REVENUE CODE
§ 2032A
value (not due to mere lapse of time or the oc-
currence or nonoccurrence of a contingency) of
the property as of the date 6 months after the
decedent’s death (substituting, in the case of
property distributed by the executor or trustee,
or sold, exchanged, or otherwise disposed of,
during such 6-month period, the date thereof).
(c) Election must decrease gross estate and es-
tate tax
No election may be made under this section
with respect to an estate unless such election
will decrease—
(1) the value of the gross estate, and
(2) the sum of the tax imposed by this chap-
ter and the tax imposed by chapter 13 with re-
spect to property includible in the decedent’s
gross estate (reduced by credits allowable
against such taxes).
(d) Election
(1) In general
The election provided for in this section
shall be made by the executor on the return of
the tax imposed by this chapter. Such elec-
tion, once made, shall be irrevocable.
(2) Exception
No election may be made under this section
if such return is filed more than 1 year after
the time prescribed by law (including exten-
sions) for filing such return.
(Aug. 16, 1954, ch. 736, 68A Stat. 381; Pub. L.
91–614, title I, § 101(a), Dec. 31, 1970, 84 Stat. 1836;
Pub. L. 98–369, div. A, title X, §§ 1023(a), 1024(a),
July 18, 1984, 98 Stat. 1030; Pub. L. 99–514, title
XIV, § 1432(c)(1), Oct. 22, 1986, 100 Stat. 2730.)
Editorial Notes
AMENDMENTS
1986—Subsec. (c)(2). Pub. L. 99–514 amended par. (2)
generally. Prior to amendment, par. (2) read as follows:
‘‘the amount of the tax imposed by this chapter (re-
duced by credits allowable against such tax).’’
1984—Subsec. (c). Pub. L. 98–369, § 1023(a), added sub-
sec. (c). Former subsec. (c) redesignated (d).
S
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2032A
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 2032A. This identifies an authority to review, not proof of applicability.