35 Miss. Code R. § 3-01-06-101
Current through May 31, 2024
A taxpayer who keeps books on a cash basis of accounting may not deduct items of expense accrued but must wait until such accrued items are paid, when they will constitute allowable deductions. This does not apply to deductions for depreciation. Bad debts do not constitute a loss as such under cash basis accounting.
35 Miss. Code. R. § 3-01-06-101