35 Miss. Code. R. 3-08-01-107 - Partial liquidation defined:

A distribution is treated as in partial liquidation of a corporation if:

1. The distribution is one of a series of distributions in redemption of all the stock of the corporation pursuant to a plan of complete liquidation, or

2. The distribution is:

a. not essentially equivalent to a dividend,

b. in redemption of a part of the stock of the corporation pursuant to a plan, and

c. occurs within the taxable year in which the plan is adopted or within the succeeding taxable income.

Notes

35 Miss. Code. R. 3-08-01-107