47.
New Partnership Provision— Basis limitation on partner losses takes into account charitable contributions and foreign taxes ........................................................................ 23
48.
Modification of Treatment of S corporation Conversions to C corporations ................... 23
ACCOUNTING METHOD CHANGES......................................................................................... 24 49.
Accounting Method Change—Taxable year of inclusion ................................................ 24
50.
Accounting Method Change—Cash method of accounting ............................................. 25
51.
Accounting Method Change—Accounting for inventories .............................................. 26
52.
Accounting Method Change—Capitalization and inclusion of certain expenses in inventory costs .................................................................................................................. 26
53.
Accounting Method Change—Accounting for long-term contracts ................................. 26
EXEMPT ORGANIZATIONS & EXCISE TAXES ......................................................................... 27 54.
Tax-Exempt Organizations—Excise tax on excess tax-exempt organization executive compensation .................................................................................................................... 27
55.
Tax-Exempt Organizations—Disallowed fringe benefits treated as additions to unrelated income ............................................................................................................................... 28
56.
Tax-Exempt Organizations—UBTI separately computed for each trade or business activity............................................................................................................................... 28
57.
Excise Tax Based on Investment Income of Private Colleges and Universities .............. 29
RETIREMENT PLANS & BENEFITS ........................................................................................... 29 58.
Recharacterization of Roth IRA Contributions No Longer Permitted.............................. 29
59.
ABLE Account Changes ................................................................................................... 30
60.
Length of Service Award Exclusion for Bona Fide Public Safety Volunteers ................. 31 Glossary of Key Defined Terms
“Act” means the 2017 Tax Cuts and Jobs Act (P.L. No. 115-97, Dec. 22, 2017). “DB” means declining balance. “FTI” means federal taxable income. “IRC” means the Internal Revenue Code of 1986, as amended. “MCA” means Miss. Code Annotated of 1972, as amended. “MDOR” means the Mississippi Department of Revenue. “MS” means the State of Mississippi. “PPIS” means property placed in service. “P/S” means partnership. “PCM” refers to the percentage of completion method. “Reg.” means the MDOR Rules and Regulations, Title 35, Mississippi Administrative Code. “UBTI” means unrelated business taxable income.