Mississippi Administrative Code
Title 35 - Department of Revenue
Part 3 - Income and Franchise
Subpart 10 - Other Entities and Miscellaneous
Chapter 04 - Allocations by Cooperative Associations
Section 35-3-10-04-101
Current through September 24, 2024
Amounts allocated to a patron on a patronage basis by a cooperative association with respect to products marketed for such patron, or with respect to supplies, equipment or service, the cost of which was deductible by the patron, shall be included in the computation of the gross income of such patron, as ordinary income to the following extent:
1. If the allocation is in cash, the amount of cash received.
2. If the allocation is in merchandise, the amount of the fair market value of such merchandise at the time of receipt by the patron.
3. If the allocation is in the form of revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice or similar documents, the amount of the fair market value of such document at the time of its receipt by the patron.
