- (a) Tax year – Arkansas Code § 26-51-402(a).
- (b) No income tax return can be made for a period of more than twelve (12) months, unless the return is based on a fifty-two-week or fifty-three-week tax year.
- (c) 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 Secretary of the Department of Finance and Administration) in the basis of computing net income from one (1) tax year to another tax year.
- (d) 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.
- (e) 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.
- (f) Arkansas taxpayers must use the same tax year as that used on the federal income tax return.