Mississippi Administrative Code
Title 35 - Department of Revenue
Part 3 - Income and Franchise
Subpart 08 - Corporations
Chapter 08 - Interest Expense
Section 35-3-08-08-100

Section 27-7-9(j)(6) requires that if a corporation or other legal entity enters into any transaction that is for the benefit of its shareholders or for the benefit of an affiliated corporation without an equal mutual business benefit to the corporation, the transaction will be adjusted or eliminated. Interest expense incurred for the purchase of its own stock, whether the corporation retires this stock or not, or for leveraged buyouts are not for the benefit of the corporation and may not be taken as an expense of the corporation.