35 Miss. Code. R. 3-05-01-106
Current through October 31, 2024
The following requirements determine whether a particular item of expense is deductible as a business expense: It must be incurred in a trade or business carried on by the taxpayer. This excludes all personal expenses as well as expenses sustained in earning income, but not arising from a trade or business. Expenses directly related to earning exempt income are not deductible.
35 Miss. Code. R. 3-05-01-106