35 Miss. Code. R. 3-05-01-100

Current through September 18, 2024

Section 35-3-05-01-100

The taxable income on which the income tax is based is the gross income of the taxpayer, less certain specific deductions allowed by law plus, in the case of individuals, trusts and estates, certain specific amounts for personal and additional exemptions. The allowance for deductions fall into three basic classes; namely,

1. Ordinary and necessary expenditures connected with a trade or business.

2. Adjustments to gross income.

3. Non-business individual itemized deductions or standard deduction.

35 Miss. Code. R. 3-05-01-100