Table Of Content

'a TABLE OF CONTENTS VOLUME 8 TITLE 27 TAXATION AND FINANCE CHAR BEGINNING SECTION 1. Assessors and CountyTax Collectors 27-1-1 3. Department of Revenue 27-3-1 4. Board ofTax Appeals 27-4-1 5. MotorVehicle Comptroller 27-5-1 7. IncomeTax and Withholding 27-7-1 8. Mississippi S Corporation IncomeTax Act 27-8-1 9. EstateTax 27-9-1 10. Uniform EstateTax Apportionment Act 27-10-1 11. AmusementTax [Repealed] 27-11-1 13. Corporation FranchiseTax 27-13-1 15. State-Wide PrivilegeTaxes 27-15-1 17. Local PrivilegeTaxes 27-17-1 19. MotorVehicle Privilege and ExciseTaxes 27-19-1 TITLE 27—Continued in Volume 8A Diigitized by the Internet Archive 2014 in https://archive.org/details/govlawnnscode082013 CODE MISSISSIPPI 1972 ANNOTATED ADOPTEDAS THE OFFICIALCODE OFTHE STATE OFMISSISSIPPI BYTHE 1972 SESSION OFTHE LEGISLATURE VOLUME EIGHT TAXATION AND FINANCE §§ 27-1-1 to 27-19-525 CONTAINING PERMANENT PUBLIC STATUTES OF MISSISSIPPI TO THE END OF THE 2013 REGULARAND 1STAND 2ND EXTRAORDINARY LEGISLATIVE SESSIONS #' LexisNexis* QUESTIONSABOUT THIS PUBLICATION? ForEDITORIALQUESTIONSconcerningthis publication, orREPRINTPERMISSION, pleasecall: 800-833-9844 ForCUSTOMERSERVICEASSISTANCE concerningreplacementpages, shipments,billingorother matters, pleasecall: CustomerServiceDepartmentat 800-833-9844 OutsidetheUnitedStates and Canada 518-487-3000 FAX 518-487-3584 ForINFORMATIONONOTHERMATTHEWBENDERPUBLICATIONS, pleasecall: Youraccountmanageror 800-223-1940 OutsidetheUnitedStates andCanada 518-487-3000 Copyright © 1973—2013 by THE STATE OF MISSISSIPPI All rights reserved. LexisNexis and the Knowledge Burst logo are registered trademarks, and Michie is trademark ofReed Elsevier Properties, Inc., used underlicense. Matthew Benderis registered trademark ofMatthew Bender Properties Inc. 4453214 ISBN 978-0-7698-6490-7 (Volume 8) ISBN 978-0-327-09628-3 (Code set) LexisNexis Matthew Bender & Company, Inc. 701 E.Water Street, Charlottesville, VA22902-5389 WWW, lexisnexis.com (Pub.44510) PREFACE The Mississippi Code of 1972, which became effective on November 1, 1973, is the culmination of nearly four years of effort on the part of the Legislature, the Attorney General's office and the publishers, which brings together provisions ofgeneral statutory law having a common subject matter into a more orderly and logical framework of code titles and chapters, and employing a modern and effective section numbering system. A major by- product ofthe code revision will be the state-owned magnetic computer tape containingthe Mississippi Code of1972, which will be ofinvaluable assistance to the Legislature and to the state. The enabling act for the code was a recommendation of the Mississippi State Bar, whichresulted inthe consideration andpassage ofSenate Bill 1964, Chapter 465, Laws of 1970, signed into law by Governor John Bell Williams. The Code Committee provided for in that act was comprised of A. F. Summer, Attorney General, Heber Ladner, Secretary ofState, Representative Edgar J. Stephens, Jr., Chairman, HouseAppropriations Committee, Senator William G. Burgin, Jr., Chairman, Senate Appropriations Committee, Repre- sentative H. L. Meredith, Jr., Chairman, House Judiciary "A"andJudiciary en banc Committees, Senator E. K. Collins, Chairman, Senate Judiciary "A" and Judiciary en banc Committees, Representative Ney McKinley Gore, Jr., Chairman, HouseJudiciary"B"Committee, and SenatorWilliamE.Alexander, Chairman, Senate Judiciary "B" Committee. In 1972, Representative Marby Robert Penton and Senator Herman B. Decell, Chairman ofHouse and Senate Judiciary "B" Committees, respectively, became members of the Committee, replacing Representative Gore and Senator Collins, SenatorAlexanderhaving been appointed Chairman of Senate Judiciary "A" and Judiciary en banc Committees. The Deputy Attorney General, Delos H. Burks, served the Code Committee as Secretary. SpecialAssistantAttorneyGeneral FredJ. Lotterhos, under the supervision of the Attorney General, was assigned the principal responsibility for the supervision ofthe recodification, including the consideration and treatment ofsome 16,000 sections ofcode manuscript. Final legislative approval was given to the Mississippi Code of 1972 by passage of Senate Bill 2034, Laws of 1972, which was signed by Governor William L. Waller on April 26, 1972. Acopy ofthat act is set out in Volume 1, following the Publisher's Foreword. The Code Committee is of the opinion that the recodification has been thoroughly and well accomplished, and will result in a greatly improved repository ofthe general statutory law ofthe state. A. F. Summer Attorney General iii PUBLISHER'S FOREWORD This 2013 Replacement Volume 8 of the Mississippi Code of 1972 Anno- tated represents material in Chapters 1 through 17 appearing in the original 1973 bound volume, the 1999 Replacement Volume 7 and the 2003 Replace- ment Volume 7, material in Chapter 19 appearing in the 1995 Replacement Volume 8, the 2002 Replacement Volume 8, the 2006 Replacement Volume 8, and material in Chapters 1 through 19 appearing in the 2010 Replacement Volume 8, as well as reflecting amendments, repeals, and new Code provisions enacted by the Mississippi Legislature through the 2013 Regular and 1st and 2nd Extraordinary Sessions. This volume contains the text of Title 27, Chapters 1 through 19, ofthe Mississippi Code of 1972 Annotated, as amended through the 2013 Regular and 1st and 2nd Extraordinary Legislative Sessions. Case annotations are included based on decisions ofthe State and federal courts in cases arising in Mississippi. Many ofthese cases were decided under the former statutes in effect prior to the enactment ofthe Code of1972. These earlier cases have been moved to pertinent sections of the Code where they may be useful in interpreting the current statutes. Annotations to collateral research references are also included. To better serve our customers by making our annotations more current, LexisNexishas changedthe sourcesthat are readtocreate annotations forthis publication. Rather than waiting for cases to appear in printed reporters, we now read court decisions as they are released by the courts. A consequence of this more current reading ofcases, as they are posted online on LexisNexis, is thatthe mostrecent cases annotated maynotyethave printreportercitations. These will be provided, as they become available, through later publications. This publication contains annotations taken from decisions ofthe Missis- sippi Supreme Court andthe Court ofAppeals and decisions ofthe appropriate federal courts. These cases will be printed in the following reporters: Southern Reporter, 3rd Series United States Supreme Court Reports Supreme Court Reporter United States Supreme Court Reports, Lawyers' Edition, 2nd Series Federal Reporter, 3rd Series Federal Supplement, 2nd Series Federal Rules Decisions Bankruptcy Reporter Additionally, annotations have been taken from the following sources: American Law Reports, 6th Series American Law Reports, Federal 2nd Mississippi College Law Review Mississippi Law Journal V Publisher's Foreword Finally, published Opinions of the Attorney General and opinions of the Ethics Commission have been examined for annotations. Acomprehensive Index appears at the end ofthis volume. Visit the LexisNexis website at http://www.lexisnexis.com for an online bookstore, technical support, customer support, and other company information. For further information or assistance, please call us toll-free at (800) 833-9844, fax us toll-free at (800) 643-1280, e-mail us at [email protected], or write to: Mississippi Code Editor, Lexis- Nexis, 701 E. Water Street, Charlottesville, VA 22902-5389. September 2013 LexisNexis vi