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Form 4797 AR: What You Should Know

Arkansas 2023 — Individuals State-wide sales of business property. Tax ability of the sale of business property. Arkansas 2023 — Taxes Arkansas 2054. State Income Tax Form 4797. Sales of Business Property. Revenue Act 2015-23. Ark. Code Reg. § 25-8-110, et al. Sales of Business Property. Sales of Business Property (a) General rules. A person who sells, exchanges, or otherwise disposes of any business property shall record the sale in the person's tax return, except as otherwise provided in subsections (c), (d), and (e). (b) Definitions. Personal Property: (1) All personal property including and limited to: furniture, fixtures, fittings, vehicles, furnishings, furnishings and equipment, records, money, and contracts of insurance; and (2) All the following property owned by a person other than the seller thereof: A. Real estate of the seller, without regard to whether the real estate has been acquired as a result of a sale, lease, mortgage loan with or without interest rate or premium paid or accrued for the property, or if the term of the arrangement under which the property was acquired has expired or will expire within 10 years after the date of the transaction. B. Stocks and bonds of the seller which are traded on the market for a reasonable period at a time prior to the effective time of disposition, or are owned by a corporation which operates in at least 10 of the largest cities in the state; and C. Certificates of title to the following personal property: (1) The person's own personal property if such property would, if sold, have been subject to Arkansas sales or use tax under this article on the basis that such property is a personal item. (2) Nonpersonal property of the seller if the value of such nonpersonal property to the seller is equal to the gross proceeds of the sale; and D. The rights, licenses, and privileges to which any of the properties described in subparagraphs (B) or (C) of this paragraph (b) are entitled.

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