83-110: Corporate Franchise Tax Schedule (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 83-110 is the 2024 Corporate Franchise Tax Schedule. It reports the capital base, property and gross receipts used for apportionment, and assessed values of Mississippi property to calculate final taxable capital for Form 83-105.
What you'll need
To complete the 2024 schedule, gather your FEIN and figures for:
- Capital stock, paid-in capital, surplus and retained earnings, loans from shareholders or affiliates, and treasury stock.
- Deferred taxes, contingent liabilities, all true reserves, and other elements.
- Year-end net book value of real and tangible personal property, plus gross receipts, for Mississippi and everywhere.
- Mississippi assessed values of real and personal property, by county.
The form calls for attached schedules for line 5 items, the holding company exclusion, and the capital exemption. Attach an additional schedule for Mississippi assessed property values if needed.
Common mistakes
- Follow the rounding directions: the form generally says to round to the nearest dollar, but line 18 requires rounding final taxable capital up to the next highest $1,000.
- On line 15, enter the larger of line 13 or line 14, not the smaller amount.
- For a period shorter than 12 months, line 16 directs you to prorate by multiplying line 15 by the number of months covered and dividing by 12. This does not apply to an initial return.
- Transfer the final taxable capital amount to Form 83-105, line 1. If the amount is negative, enter zero there.
- Include the schedules requested for lines 5, 7, and 17, and an additional property-value schedule if needed.
Questions people ask
How is the Mississippi apportionment ratio calculated?
Add real and tangible personal property to gross receipts in each column to get line 11. Then divide the Mississippi total on line 11A by the everywhere total on line 11B to get the ratio on line 12.
What if the business is 100% Mississippi?
Line 13 says to enter the capital base from line 8 if the business is 100% Mississippi. Otherwise, multiply line 8 by the ratio on line 12.
How do Mississippi assessed property values affect taxable capital?
Line 14 totals the assessed value of Mississippi property. Line 15 uses the larger of that amount or the taxable capital apportioned to Mississippi on line 13.
Where does the final taxable capital amount go?
On line 18, subtract the capital exemption on line 17 from line 15 or line 16. Round the result up to the next highest $1,000 and enter it on Form 83-105, line 1. If the result is negative, enter zero on Form 83-105, line 1.