35 Miss. Code. R. 3-05-01-105
Current through October 31, 2024
However, no such item shall be included in business expenses to the extent that it is used by the taxpayer in computing the cost of property included in its inventory or used in determining the gain or loss of its plant, equipment or other property. The full amount of the allowable deduction for ordinary and necessary expenses in carrying on a business is deductible, even though such expenses exceed the gross income derived during the taxable year from such business.
35 Miss. Code. R. 3-05-01-105