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MS SB2928
Bill
Status
3/28/2012
Primary Sponsor
Joey Fillingane
Click for details
AI Summary
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Amends Mississippi Code Section 27-7-9 to provide that stockholders recognize no gain from corporate distributions that qualify for tax-free treatment under Internal Revenue Code Section 355.
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Extends tax-free treatment to distributing corporations that make distributions qualifying under Section 355 of the Internal Revenue Code.
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Allows distributing corporations to recognize no gain from distributions made pursuant to an overall plan to facilitate an ultimate distribution qualifying for tax-free treatment under Section 355 of the Internal Revenue Code.
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Effective January 1, 2012.
Legislative Description
Income tax; certain corporate distributions tax free if they are part of a transaction that qualifies under Section 355, Internal Rev. Code.
Last Action
Died In Committee
3/28/2012