§ 27-8-1. Title of chapter
The title of this chapter shall be the “Mississippi S Corporation Income Tax Act.”
§ 27-8-11. Stock basis; adjustments; differences for resident or nonresident shareholders; gifts of stock
The initial basis in the hands of a resident shareholder of an S corporation in the stock of the S corporation and any indebtedness of the S corporation to the shareholder shall be determined in the manner provided under the Code and shall be determined as of the date that is the latest to occur […]
§ 27-8-13. Carryforwards and carrybacks; accounting for losses and deductions
Carryforwards and carrybacks to and from taxable periods of an S corporation shall be restricted in the manner provided in Section 1371(b) of the Code. The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder of the S corporation for a taxable period pursuant to Section 27-8-7(2) shall […]
§ 27-8-15. Apportionment of income to shareholder for periods of state residency and nonresidency within same year
For purposes of this chapter, if a shareholder of an S corporation is both a resident and nonresident of this state during any taxable period, the shareholder’s pro rata share of the S corporation’s income attributable to the state and income not attributable to the state for the taxable period shall be further prorated between […]
§ 27-8-17. Treatment of stock or money distributions to resident shareholders
Subject to subsection (3) of this section, a distribution made by an S corporation with respect to its stock to a resident shareholder shall be taken into account by the shareholder for purposes of Section 27-7-15 to the extent that the distribution is treated as a dividend or as gain from the sale or exchange […]
§ 27-8-19. Filing of corporate income tax return; when required; information required; composite returns; agreement or payment as to nonresident shareholders
An S corporation which engages in activities in this state that would subject a C corporation to the requirement to file a return under Section 27-7-37 shall file with the State Tax Commission an annual return, in the form prescribed by the commission, on or before the due date prescribed for the filing of C […]
§ 27-8-21. Credit for income tax paid by shareholder to another state
For purposes of Section 27-7-77, each resident shareholder shall be considered to have paid a tax imposed on the shareholder in an amount equal to the shareholder’s pro rata share of any net income tax paid by the S corporation to a state which does not measure the income of shareholders of an S corporation […]
§ 27-8-3. Definitions
For purposes of this chapter, the following terms shall have meanings ascribed below: “C corporation” means a corporation which is not an S corporation. “Code” means the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the code shall be deemed to refer to corresponding provisions […]
§ 27-8-5. Uniformity with other states’ statutes
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject matter of this chapter among states enacting it.
§ 27-8-7. Exemption from Chapter 7 income tax; calculation of shareholders’ gross income
An S corporation shall not be subject to the tax imposed by Section 27-7-5. For purposes of Section 27-7-15, each shareholder’s pro rata share of the S corporation’s income attributable to the state, and each resident shareholder’s pro rata share of the S corporation’s income not attributable to the state, shall be taken into account […]
§ 27-8-9. Character of items received by corporation but accounted for by shareholder
The character of any S corporation item taken into account by a shareholder of an S corporation under Section 27-8-7(2) shall be determined as if such item were received or incurred by the S corporation and not its shareholder.