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 35-3-02-03-101

When a part of a larger property is sold, the cost or other basis of the entire property shall be equitably apportioned among the several parts, and the gain realized or loss sustained on the part of the entire property sold is the difference between the selling price and the cost or other basis allocated to such part. The sale of each part is treated as a separate transaction and the gain or loss shall be computed separately on each part. Thus, the gain or loss shall be determined at the time of sale of each part and not deferred until the disposal of the entire property.