35 Miss. Code R. § 3-02-01-103
Current through May 31, 2024
Interest credited on saving bank deposits is income to the depositor when credited. An amount credited to shareholders of a building and loan association, when such credit passes without restriction to the shareholder, has a taxable status as income for the year of the credit. If the shares are restricted by a maturity date, the amount credited will be income to the recipient when the shares mature, providing they are not available for withdrawal prior to maturity.
35 Miss. Code. R. § 3-02-01-103