35 Miss. Code R. § 3-06-02-102
Current through June 25, 2024
In the case of property which originally was not used in the trade or business or for income-producing purposes and which is thereafter converted to either of such uses, the fair market value of the property on the date of conversion, if less than the adjusted basis of the property at such time, shall be used, after making proper adjustments in respect of basis, as the basis for determining the amount of loss.
35 Miss. Code. R. § 3-06-02-102