Section 35-3-08-03-100 - Definitions: As they pertain to this regulation:
1. "Small business corporation" or "S corporation" means a domestic corporation which is not an ineligible corporation and does not: a. have more than 35 shareholders, b. have as a shareholder a person who is not an individual, other than an estate and certain trusts, c. have a nonresident alien as a shareholder, and d. have more than one (1) class of stock.2. "Electing small business corporation" means with respect to any taxable year, a small business corporation for which an election under section 1362 (a), I. R. C., is in effect for such year.3. For purposes of this regulation, the term "domestic corporation" means a corporation created or organized in the United States or under the law of the United States or of any State or Territory.35 Miss. Code. R. § 3-08-03-100