1.26-51-402(a) Tax Year

No income tax return can be made for a period of more than twelve months, unless the return is based on a 52 or 53 week tax year. A separate income tax return for a fractional part of a year is therefore required whenever there is a change (with the approval of the Director) in the basis of computing net income from one tax year to another tax year. The requirements for filing a separate income tax return and payment of tax for a part of a tax year are the same as for the filing of an income tax return and the payment of tax for a full tax year closing at the same time. The tax on net income computed for the period for which a separate income tax return is made shall be computed at the rate for the tax year in which such period is included. Arkansas taxpayers must use the same tax year as that used on the federal income tax return.