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2013 Mississippi Code
Title 27 - TAXATION AND FINANCE
Chapter 7 - INCOME TAX AND WITHHOLDING
Article 1 - INCOME TAX
§ 27-7-11 - Inventories


MS Code § 27-7-11 (2013) What's This?

Whenever, in the opinion of the commissioner, the use of inventories is necessary in order to clearly determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the commissioner may prescribe, with the approval of the governor, in order to conform as nearly as may be to the best accounting practice in the trade or business, and in order to clearly reflect the income.

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