35 Miss. Code. R. 3-01-01-107
Current through December 10, 2024
A taxpayer is engaged in thebusiness of farming" if he cultivates, operates or manages a farm for gain or profit, either as owner or tenant. A taxpayer who receives a rental (either in cash or in kind) which is based upon farm production is engaged in the business of farming. However, a taxpayer who receives a fixed rental (without reference to production) is engaged in the business of farming only if he participates to a material extent in the operation or management of the farm. A person cultivating or operating a farm for hobby, recreation or pleasure rather than a profit is not engaged in the business of farming.
35 Miss. Code. R. 3-01-01-107