Mississippi § 27-8-3 - Definitions.

§ 27-8-3. Definitions.

For purposes of this chapter, the following terms shall have meanings ascribed below: “C corporation” means a corporation which is not an S corporation. “Code” means the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the code shall be deemed to refer to corresponding provisions of prior and subsequent federal tax laws. “Income attributable to the state” means items of income, loss, deduction or credit of the S corporation apportioned to this state under Section 27-7-23(c)(2) or allocated to this state under Section 27-7-23(c)(3). “Income not attributable to the state” means all items of income, loss, deduction or credit of the S corporation other than income attributable to the state. “Post-termination transition period” means that period defined in Section 1377(b)(1) of the code. “Pro rata share” means the portion of any item attributable to an S corporation shareholder for a taxable period determined in the manner provided in, and subject to any election made under, Section 1377(a) or 1362(e), as the case may be, of the code. “S corporation” means a corporation for which a valid election under Section 1362(a) of the code is in effect. “Taxable period” means any taxable year or portion of a taxable year during which a corporation is an S corporation. Except as otherwise expressly provided or clearly appearing from the context, any term used in this chapter shall have the same meaning as when used in a comparable context in the code, or in any statute relating to federal income taxes, in effect for the taxable period. Due consideration shall be given in the interpretation of this chapter to applicable sections of the code in effect from time to time and to federal rulings and regulations interpreting such sections, provided such code, rulings and regulations do not conflict with the provisions of this chapter.