Mississippi § 27-8-13 - Carryforwards and carrybacks; accounting for losses and deductions.
Full text of Mississippi Mississippi Code of 1972 Annotated § 27-8-13 — Carryforwards and carrybacks; accounting for losses and deductions., with citation guidance and answers to common questions.
§ 27-8-13. Carryforwards and carrybacks; accounting for losses and deductions.
Carryforwards and carrybacks to and from taxable periods of an S corporation shall be restricted in the manner provided in Section 1371(b) of the Code. The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder of the S corporation for a taxable period pursuant to Section 27-8-7(2) shall not exceed the shareholder’s combined adjusted basis, determined in accordance with Section 27-8-11, in the stock of the S corporation and any indebtedness of the S corporation to the shareholder. Any loss or deduction of an S corporation which is disallowed for a taxable period pursuant to subsection (2) of this section shall be treated as incurred by the corporation in the succeeding taxable period with respect to that shareholder. Any loss or deduction of an S corporation, which is disallowed pursuant to subsection (2) of this section for the corporation’s last taxable period as an S corporation, shall be treated as incurred by a shareholder on the last day of any post-termination transition period. The aggregate amount of losses and deductions taken into account by a shareholder under subsection (4)(a) of this section shall not exceed the shareholder’s adjusted basis in the stock of the corporation (determined in accordance with Section 27-8-11 at the close of the last day of any post-termination transition period and without regard to this subsection (4)).
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 27-8-13
What does Mississippi Code of 1972 Annotated § 27-8-13 cover?
Section 27-8-13 ("Carryforwards and carrybacks; accounting for losses and deductions.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 27-8-13?
A common citation format is "Mississippi Code of 1972 Annotated § 27-8-13" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 27-8-13 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.