Section 35-3-09-1-101 - Return1. Every partnership, domestic or foreign, deriving income from property owned within the State of Mississippi, or business, trade, profession or occupation, carried on within the State shall make a return for each taxable year. The return shall include the names, addresses and social security numbers or identification numbers of all partners who are entitled to share in the partnership net income. The return shall be signed by any one of the partners and shall be filed on prescribed forms with the Commissioner on or before the due date as provided by statute.2. The individual partners are subject to tax upon their distributive share of the partnership net income, whether distributed to them or not. The partnership net income shall be computed in the same manner and on the same basis as the net income of an individual, except that the deduction for contributions or gifts is not allowed. These deductions are allowed to the partners in their individual return.3. Where the result of partnership operation is a net loss, the loss will be divisible by the partners in the same proportion as net income would have been divided (unless the partnership agreement provides otherwise) and may be taken by the partners in their return. The amount of partnership loss that may be allowed to a partner is limited to the amount of the adjusted basis of this interest in the partnership at the end of the partnership taxable year in which the loss occurred.4. Payments made to a partner for services rendered and for interest on capital contributions are not deductible in computing the net income of the partnership, such payments being held to represent a division of partner profits.35 Miss. Code. R. § 3-09-1-101