Find Laws Find Lawyers Free Legal Forms USA State Laws

MISSISSIPPI STATUTES AND CODES

27-8-13 - Carryforwards and carrybacks; accounting for losses and deductions.

§ 27-8-13. Carryforwards and carrybacks; accounting for losses and deductions.
 

(1)  Carryforwards and carrybacks to and from taxable periods of an S corporation shall be restricted in the manner provided in Section 1371(b) of the Code. 

(2)  The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder of the S corporation for a taxable period pursuant to Section 27-8-7(2) shall not exceed the shareholder's combined adjusted basis, determined in accordance with Section 27-8-11, in the stock of the S corporation and any indebtedness of the S corporation to the shareholder. 

(3)  Any loss or deduction of an S corporation which is disallowed for a taxable period pursuant to subsection (2) of this section shall be treated as incurred by the corporation in the succeeding taxable period with respect to that shareholder. 

(4) (a)  Any loss or deduction of an S corporation, which is disallowed pursuant to subsection (2) of this section for the corporation's last taxable period as an S corporation, shall be treated as incurred by a shareholder on the last day of any post-termination transition period. 

(b) The aggregate amount of losses and deductions taken into account by a shareholder under subsection (4)(a) of this section shall not exceed the shareholder's adjusted basis in the stock of the corporation (determined in accordance with Section 27-8-11 at the close of the last day of any post-termination transition period and without regard to this subsection (4)). 
 

Sources: Laws,  1993, ch. 456, § 7, eff from and after January 1, 1994.
 

Mississippi Forms by Issue

Mississippi Business Forms
Mississippi Court Forms
> Case Evaluation
> Dispute
Mississippi Divorce Forms
Mississippi Family Forms
Mississippi Gun Forms
Mississippi Marriage Forms
Mississippi Name Change Forms
Mississippi Tax Forms

Mississippi Law

Mississippi State Laws
    > Mississippi Child Support
    > Mississippi Gun Laws
    > Mississippi Statute
Mississippi Tax
    > Mississippi State Tax
Mississippi Agencies
    > Mississippi Department of Corrections
    > Mississippi Department of Education
    > Mississippi Secretary of State
    > Mississippi State Tax Commission

Mississippi Court Map

Tips