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 35-3-02-03-105
Universal Citation: MS Code of Rules 35-3-02-03-105
Current through September 24, 2024
When an exchange of property consists not only of property that qualifies as a tax-free exchange but also other property or money, any gain must be recognized by the recipient. A loss from this type of exchange is not recognized. The gain will not be in excess of the fair market value of the property and the amount of money received.
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