For property placed in service during tax years beginning before 01/01/95, IRC Sections 167, 168 and 179 as in effect on 01/01/91 shall apply. The IRC Sec. 179 deduction is limited to $10,000. Any IRC Sec. 179 expense disallowed because of the limitation may be depreciated by regular depreciation methods appropriate for that property or can be carried forward.

Property placed in service during tax years beginning before 01/01/95 will have a useful life as determined by IRC Sec. 168 as in effect on 01/01/91. Property placed in service during tax years beginning on or after 01/01/95 will have a useful life as determined by IRC Sec. 168 as in effect on 01/01/95.

Any differences in basis because of depreciation differences must be included in the determination of gain or loss upon disposition of the property.

For tax years beginning before 01/01/95, IRC Sec. 197 regarding amortization of intangibles shall apply. For tax years beginning on or after 01/01/95, IRC Sec. 197 shall apply.

Any differences in Arkansas and Federal basis must be considered in calculating gain or loss upon disposition of the intangibles.