A taxpayer may elect to treat the cost of any Internal Revenue Code Section 179 property, which is not chargeable to a capital account as an expense. Cost so treated shall be allowed as a deduction for the taxable year in which the Section 179 property is placed in service. In determining the amount of allowable expense deduction in any taxable year, the Commissioner will follow Federal Rules, Regulations and Revenue Procedures issued under Section 179, Internal Revenue Code as are deemed not contrary to the context and intent of Mississippi Law.
35 Miss. Code. R. 3-05-04-103