Factors to consider when determining if loans provided by an affiliated company or stockholder are a substitute for stock or paid in capital include:
1. the corporate debt to equity ratio in comparison to the consolidated group's debt to equity ratio if the related companies are in the same or a similar industry;2. the corporate debt to equity ratio in comparison to the industry standard for the corporation's industry;3. the ability of the corporation to obtain the loan from the unrelated third party without the relationship of the affiliated company or stockholder if the affiliated company or stockholder actually obtained the funds for the loan from an unrelated third party. The corporation's ability to have obtained the loan from the unrelated third party must be adequately documented; and4. any other factors the Commissioner determines are relevant.35 Miss. Code. R. § 3-12-01-101