35 Miss. Code. R. 3-02-03-105
Current through December 10, 2024
When an exchange of property consists not only of property that qualifies as a tax-free exchange but also other property or money, any gain must be recognized by the recipient. A loss from this type of exchange is not recognized. The gain will not be in excess of the fair market value of the property and the amount of money received.
35 Miss. Code. R. 3-02-03-105