35 Miss. Code R. § 3-06-02-106
Current through June 25, 2024
Casualty losses incurred in a trade or business are not subject to the $100 floor, however, where property is used partially for business and partially for personal purposes, the $100 floor would apply to the portion of the property used for personal purposes. Casualty losses to property connected with a trade or business may be deducted in the taxable year in which the loss occurred. Such business casualty loss may give rise to a "net operating loss" deduction for the taxable year; however, a casualty loss to property used in a trade or business does not give rise to a "net operating loss" deduction as provided for individuals.
35 Miss. Code. R. § 3-06-02-106