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28-72-505. Tax and penalty on earnings.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-505. Tax and penalty on earnings.
(a)(1) All distributions of funds from the long-term intergenerational security trust shall be taxable as provided in the Income Tax Act of 1929.
(2) All distributions from the trust shall be deemed principal until all contributions of principal have been withdrawn.
(b)(1) In addition to any income tax imposed for distributions from the long-term intergenerational security trust as provided in subsection (a) of this section, there is imposed a twenty percent (20%) penalty on all distributions from the trust in violation of this subchapter.
(2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-505
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:28-72-505
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f97da17f644e98ae729084c45490c625fc8094067145577c61062addc1237f5c
Source location: content.xml paragraph 12654
Stored source content
28-72-505. Tax and penalty on earnings.
(a)(1) All distributions of funds from the long-term intergenerational security trust shall be taxable as provided in the Income Tax Act of 1929.
(2) All distributions from the trust shall be deemed principal until all contributions of principal have been withdrawn.
(b)(1) In addition to any income tax imposed for distributions from the long-term intergenerational security trust as provided in subsection (a) of this section, there is imposed a twenty percent (20%) penalty on all distributions from the trust in violation of this subchapter.
(2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue.
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