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AR Code › Title 26 › Chapter 51 › Subchapter 4 › Section 26-51-410
Text
Whenever, in the opinion of the Secretary of the Department of Finance and Administration, the use of inventories is necessary in order to clearly determine the income of any taxpayer, inventories shall be taken by the taxpayer, upon such basis as the secretary may prescribe, conforming as nearly as may be possible to the best accounting practice in the trade or business and most clearly reflecting the income. Amended by Act 2019, No. 910,§ 3714, eff. 7/1/2019. Acts 1929, No. 118, Art. 3, § 12; Pope's Dig., § 14035; A.S.A. 1947, § 84-2015.
Whenever, in the opinion of the Secretary of the Department of Finance and Administration, the use of inventories is necessary in order to clearly determine the income of any taxpayer, inventories shall be taken by the taxpayer, upon such basis as the secretary may prescribe, conforming as nearly as may be possible to the best accounting practice in the trade or business and most clearly reflecting the income.
Amended by Act 2019, No. 910,§ 3714, eff. 7/1/2019.
Acts 1929, No. 118, Art. 3, § 12; Pope's Dig., § 14035; A.S.A. 1947, § 84-2015.
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