# Ark. Code Ann. § 26-51-410: Inventory

> Arkansas · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-410

## Section

- **Citation:** Ark. Code Ann. § 26-51-410
- **Heading:** Inventory
- **Jurisdiction:** Arkansas
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** 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.

## Nearby sections

- [Ark. Code Ann. § 26-51-401 Tax year - Accounting method](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-401.md)
- [Ark. Code Ann. § 26-51-402 Tax year - Basis for determining liability](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-402.md)
- [Ark. Code Ann. § 26-51-403 Income generally](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-403.md)
- [Ark. Code Ann. § 26-51-404 Gross income generally](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-404.md)
- [Ark. Code Ann. § 26-51-405 Partnership income](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-405.md)
- [Ark. Code Ann. § 26-51-406 Income to beneficiaries of trusts and estates](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-406.md)
- [Ark. Code Ann. § 26-51-407 Financial institutions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-407.md)
- [Ark. Code Ann. § 26-51-408 Dividends of financial institutions taxable](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-408.md)
- [Ark. Code Ann. § 26-51-409 Federal Subchapter S adopted](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-409.md)
- [Ark. Code Ann. § 26-51-410 Inventory](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-410.md)
- [Ark. Code Ann. § 26-51-411 Gain or loss - Sale of property](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-411.md)
- [Ark. Code Ann. § 26-51-412 Gain or loss - Exchange of property](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-412.md)
- [Ark. Code Ann. § 26-51-413 Corporate liquidations](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-413.md)
- [Ark. Code Ann. § 26-51-414 Deferred compensation plans](https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-414.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AR_T26_C51_S4_S26-51-410. Check the current official text before relying on it. Not legal advice.