For purposes of Sections 27-7-95 through 27-7-103, the term "capital asset" means property held by the taxpayer, whether or not connected with his trade or business, but does not include the following:
Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business;
Property, used in his trade or business, of a character which is subject to the allowance for depreciation provided in Section 27-7-17 or real property used in his trade or business;
A copyright, a literary, a musical or artistic composition, a letter or memorandum or similar property held by:
A taxpayer whose personal efforts created such property,
In the case of a letter, memorandum or similar property, a taxpayer for whom such property was prepared or produced, or
A taxpayer in whose hands the basis of such property is determined, for purposes of determining gain from a sale or exchange, in whole or part by reference to the basis of such property in the hands of a taxpayer described in paragraph (c)(i) and (ii) of this section;
Accounts or notes receivable acquired in the ordinary course of trade or business for services rendered or from the sale of property described in paragraph (a) of this section.
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