84-110: S-Corporation Franchise Tax Schedule (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 84-110 is the 2024 S-Corporation Franchise Tax Schedule. It calculates the capital base, Mississippi apportionment ratio, and final taxable capital to report on Form 84-105, line 1.
What you'll need
Have your FEIN and the financial information requested on the schedule, including:
- Capital stock, paid-in capital, surplus and retained earnings, shareholder or affiliate loans, and treasury stock.
- Deferred taxes, contingent liabilities, true reserves, and other elements of the capital base.
- 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, listed by county.
The form calls for attached schedules for line 5’s deferred taxes, liabilities, reserves, and other elements; the holding company exclusion on line 7; and the capital exemption on line 17. Attach an additional schedule for Mississippi property assessed values if needed.
Common mistakes
- Follow the form’s general reminder to round to the nearest dollar. For final taxable capital on line 18, follow the separate instruction to round up to the next highest $1,000.
- On line 15, use the larger of apportioned taxable capital on line 13 or Mississippi property assessed value on line 14.
- Do not prorate an initial return. For other returns covering less than twelve months, line 16 instructs you to multiply line 15 by the months covered and divide by twelve.
- Transfer the final taxable capital to Form 84-105, line 1. If the result is negative, enter zero there.
Questions people ask
How do I calculate the Mississippi ratio?
Add year-end real and tangible personal property at net book value to gross receipts in each column. 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 amount from line 8. Otherwise, multiply line 8 by the Mississippi ratio on line 12.
How does Mississippi property assessed value affect taxable capital?
Enter the total assessed value of Mississippi property on line 14. Line 15 uses whichever is larger: line 13 or line 14.
Where does the final taxable capital amount go?
Line 18 subtracts 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 84-105, line 1. If the result is negative, enter zero on Form 84-105, line 1.