35 Miss. Code R. § 3-06-01-102
Current through June 25, 2024
Mississippi Law differs from Federal Law in the carryback and carryover provisions. Normally, casualty losses must be used in the year of occurrence. An exception to this is a disaster loss as defined above. Disaster losses may be carried back 3 years and carried forward 7 years. Casualty losses that occurred to property used in a trade or business do not qualify as a disaster loss. For treatment of these losses, see the regulation on casualty losses incurred in a trade or business.
35 Miss. Code. R. § 3-06-01-102