35 Miss. Code. R. 3-05-04-100
Current through December 10, 2024
Reasonable Allowance. Section 27-7-17(1)(f) provides that a reasonable allowance for the exhaustion, wear and tear and obsolescence of property used in the trade or business or property held by the taxpayer for the production of income shall be allowed as a depreciation deduction. The allowance is that amount which should be set aside for the taxable year in accordance with a consistent plan, so that the aggregate of the amounts set aside will equal the cost or other basis of the property. The allowance shall not reflect amounts representing a mere reduction in market value. Mississippi will follow Federal depreciation guidelines as are not deemed contrary to the context and intent of Mississippi Law.
35 Miss. Code. R. 3-05-04-100