35 Miss. Code R. § 3-05-06-100
Current through May 31, 2024
Taxpayers are allowed to carryover their net operating losses from a trade or business and deduct such loss in the next five succeeding years. The carryover is first to the year immediately following the loss year, then to the second year following the loss year, and so on until the loss is exhausted, not to exceed five years. In instances where more than one year's net operating loss is being carried over, the first year's loss must be carried over first until exhausted before the second year's loss may be carried over, and subsequent years' losses must be carried over in the same manner.
35 Miss. Code. R. § 3-05-06-100