35 Miss. Code R. § 3-06-02-104
Current through June 25, 2024
However, if the property used in a trade or business or held for the production of income is totally destroyed by casualty, and if the fair market value of such property immediately before the casualty is less than the adjusted basis of such property, the amount of the adjusted basis of such property shall be treated as the amount of the loss.
35 Miss. Code. R. § 3-06-02-104