35 Miss. Code. R. 3-01-02-300 - Cash Method (Receipts and Disbursements)

A taxpayer reporting net income on a basis of receipts and disbursements must include in gross income only actual and constructive receipts of income. Under the accrual basis, a taxpayer must include in gross income amounts received by or accrued to him. He may not deduct items of expense accrued but must wait until such accrued items are paid. This does not apply to deductions for depreciation.

Notes

35 Miss. Code. R. 3-01-02-300