Home Table of Contents

006.05.308-26-51-802. PARTNERSHIP RETURNS

AR ADC 006.05.308-26-51-802Arkansas Administrative Code

West's Arkansas Administrative Code
Title 006. Department of Finance and Administration
Division 05. Division of Revenues
Rule 308. Comprehensive Corporation Income Tax Regulations (Refs & Annos)
Ark. Admin. Code 006.05.308-26-51-802
006.05.308-26-51-802. PARTNERSHIP RETURNS
Currentness
1.26-51-802(b) Corporations with Partnership Interest
Any taxpayer with an interest in a partnership which has gross income from sources within Arkansas must directly allocate the partnership's Arkansas income to Arkansas, rather than include partnership income and apportionment factors in the taxpayer's apportionment formula.
Example:
Partnership Total Income
$100,000
Partnership Income Directly Allocated to Arkansas
$50,000
Corporation A's Ownership
10%
Corporation B's Ownership
90%
Corporation A:
$50,000 x .10 = $5,000
Corporation B:
$50,000 x .90 = $45,000
The amount of partnership income directly allocated to Arkansas will be entered on page 1 of the “Other Income” line or on page 2, Schedule A, Part C, “Direct Income Allocated To Arkansas” line of Form AR1100CT.
If the taxpayer's operations are multistate, all partnership income must be deducted on Schedule A, Part A, “Deduct Adjustments” line. The partnership's Arkansas income should then be entered on Schedule A, Part C, “Direct Income Allocated To Arkansas” line of Form AR1100CT.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.308-26-51-802, AR ADC 006.05.308-26-51-802
End of Document