Mississippi Administrative Code
Title 35 - Department of Revenue
Part 3 - Income and Franchise
Subpart 02 - Gross Income
Chapter 03 - Gain or Loss on Disposition of Property
Section 35-3-02-03-100

The gain or loss from the sale or exchange of property is included in or deducted from gross income, unless specifically excluded by law. Property includes tangible items, such as buildings and office equipment, and intangible items, such as patents and goodwill. Generally, the gain is the excess of the amount realized over the unrecovered cost or other basis of the property sold or exchanged. The specific rules for computing the amount of gain or loss are contained in Miss. Code Ann. Section 27-7-9.