{"data":{"id":"us-ar/ark.-code-ann.-28-77-503","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 28-77-503","heading":"Transfer from income to principal for depreciation","body":"(a) In this section, \"depreciation\" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year. (b) A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation: (1) of the part of real property used or available for use by a beneficiary as a residence; (2) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or (3) under this section, to the extent the fiduciary accounts: (A) under § 28-77-410 for the asset; or (B) under § 28-77-403 for the business or other activity in which the asset is used. (c) An amount transferred to principal under this section need not be separately held. Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.\n\n(a) In this section, \"depreciation\" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.\n\n(b) A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation: (1) of the part of real property used or available for use by a beneficiary as a residence; (2) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or (3) under this section, to the extent the fiduciary accounts: (A) under § 28-77-410 for the asset; or (B) under § 28-77-403 for the business or other activity in which the asset is used.\n\n(1) of the part of real property used or available for use by a beneficiary as a residence;\n\n(2) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or\n\n(3) under this section, to the extent the fiduciary accounts: (A) under § 28-77-410 for the asset; or (B) under § 28-77-403 for the business or other activity in which the asset is used.\n\n(A) under § 28-77-410 for the asset; or\n\n(B) under § 28-77-403 for the business or other activity in which the asset is used.\n\n(c) An amount transferred to principal under this section need not be separately held.","path":["AR Code","Title 28","Chapter 77","Subchapter 5"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-17","retrieved_at":"2026-09-17T21:35:43Z","sha256":"58ee5ceee20f0cceea72961ab681346c322c46364ddc8688525f6d8d9567d3ed","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-28-77-502","next":"us-ar/ark.-code-ann.-28-77-504","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ar","title":"Arkansas Release 78 supplement","text":"Arkansas electronic product files were republished by Public.Resource.Org under a public-domain mark. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows.","url":"https://archive.org/details/gov.ar.code"}]},"notice":"GroundRules: Original legal text. Not legal advice."}