In computing net income, no deductions shall, in any case, be allowed in respect of:
Personal, living or family expenses.
Any amount paid out for new buildings or permanent improvements or betterments made to increase the value of any property or estate, except in computing the net income from sale of such property.
Any amount expended in restoring property or making good the exhaustion thereof for which an allowance is, or has been, made.
Premiums paid on any life insurance policy of an officer or employee or to any persons financially interested in any trade or business carried on by the taxpayer when the taxpayer is directly or indirectly a beneficiary under such policy.
The shrinkage value of property by whatever name called.
Sums representing interest, rents, salaries or other sums paid under contracts or agreements between husband and wife.
Losses sustained or realized from transactions between husband and wife; parent and child; relations by blood or marriage (within the third degree computed according to the rules of the civil law); or individuals who have one common parent; or corporation and individual where the individual owns five percent (5%) or more of the stock of the corporation.
Structure Mississippi Code
Title 27 - Taxation and Finance
Chapter 7 - Income Tax and Withholding
§ 27-7-9. Gain or loss on disposition of property
§ 27-7-15. Gross income defined
§ 27-7-19. Items not deductible
§ 27-7-20. Casualty losses of individuals
§ 27-7-22. Tax credits for qualified businesses
§ 27-7-22.11. Tax credit under Venture Capital Act of 1994
§ 27-7-22.15. Income tax credit for approved reforestation practices
§ 27-7-22.28. Job tax credit for certain producers of alternative energy definitions
§ 27-7-22.32. Income tax credit for certain qualified adoption expenses
§ 27-7-22.32. Income tax credit for certain qualified adoption expenses
§ 27-7-23. Net income of nonresident and foreign taxpayers
§ 27-7-41. Time and place for filing returns
§ 27-7-43. Returns for period less than twelve months
§ 27-7-47. Free online income tax preparation and filing services for certain taxpayers
§ 27-7-50. Extension of time to file return
§ 27-7-53. Delinquent taxes; failure to file return
§ 27-7-55. Collection of tax; enrolling judgment
§ 27-7-57. Warrant for collection of tax
§ 27-7-59. Jeopardy assessment and warrant
§ 27-7-61. Execution by sheriff or special agent; fees; disposition of property
§ 27-7-63. Commissioner may bid at sales
§ 27-7-67. Sheriff and special agent not personally liable
§ 27-7-69. Tax upon settlement of fiduciary's account
§ 27-7-81. Regulatory authority
§ 27-7-85. Community property not recognized
§ 27-7-89. Contribution to Mississippi Educational Trust Fund from state income tax refund
§ 27-7-91. Designation of contributions to Mississippi Wildlife Heritage Fund on income tax returns
§ 27-7-94. Contribution to Mississippi Military Family Relief Fund from state income tax refund
§ 27-7-97. Capital loss carrybacks and carryovers
§ 27-7-99. "Capital asset" defined
§ 27-7-101. Other definitions relating to capital gains and losses
§ 27-7-103. Applicability of provisions of Internal Revenue Code relating to capital losses