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.
Ark. Code Ann. § 26-51-410
Inventory
Acts 1929, No. 118, Art. 3, § 12; Pope's Dig., § 14035; A.S.A. 1947, § 84-2015; Acts 2019, No. 910, § 3714.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.