For the purpose of determining the amount of capital, as defined in Section 27-13-9, Mississippi Code of 1972, as amended, the book value of the accounts as regularly employed in conducting the affairs of the corporation shall be accepted as prima facie correct, except where the commissioner determines that the book value does not properly reflect capital employed in this state and in that situation the commissioner's determination of capital shall be prima facie correct.
If any organization has cause to believe that the calculations required on the return prescribed are not sufficiently informative or do not properly reveal the true franchise or excise tax to be due as measured by the value of the capital of that organization, or shall feel aggrieved at the requirements upon it for information or tax, then such organization shall have the right to file with the commissioner a petition and affidavit signed as returns are by this chapter required to be signed, setting forth the facts showing the true value of its capital.
Codes, 1942, § 9318; Laws, 1934, ch. 121; Laws, 1956, ch. 412, § 3; Laws, 1985, ch. 521, § 5, eff. 1/1/1985.
Repealed by Laws, 2016, ch. 499, SB 2858, 5, eff. 1/1/2028.
Notes of Decisions
Mississippi State Tax Com'n v. Dyer Inv. Co., 507 So. 2d 1287 (Miss. 1987).
· cites it 14× “Miss. Code Ann. § 27-13-11 (1972), as it read for the tax years in issue, provided: In all cases for the purpose of determining the amount of capital, the book value as regularly employed in conducting the affairs of the corporation shall be accepted as prima facie correct as to…”
Mississippi Power & Light Co. v. Mississippi State Tax Comm'n, 704 So. 2d 1343 (Miss. Ct. App. 1997).
· cites it 18× “The law, thus, provides that the records of the corporation are deemed prima facie correct unless the chairman of the State Tax Commission (referred to as “the commissioner” in the statute) “determines that the book value does not properly reflect capital_” Miss.Code Ann. §…”
STATE TAX COM'N v. Lady Forest Farms, Inc., 701 So. 2d 294 (Miss. 1997).
· cites it 3× “This Court in Dyer noted the limitations placed upon the scope of "capital used in this state" by the specific provisions of § 27-13-11, and the Legislature has full authority to change said provisions if it is of the view that said provisions serve to define "capital used in…”
Mississippi State Tax Comm'n v. Illinois Cent. Gulf R.R., 360 So. 2d 1218 (Miss. 1978).
· cites it 5× “Louis-San Francisco Railway Company 241,296,720 Acting pursuant to Section 9318, Mississippi Code Annotated (1942) [Mississippi Code Annotated § 27-13-11 (1972)], which provides the procedure for organizations having cause to believe the calculations required by the prescribed…”
Gencorp, Inc. v. State Tax Comm'n, 543 So. 2d 657 (Miss. 1989).
· cites it 2× “§ 27-13-11. Book value. In all cases for the purpose of determining the amount of capital, the book value as regularly employed in conducting the affairs of the corporation *660 shall be accepted as prima fade correct as to the true capital of the organization.”
Emhart Indus., Inc. v. Mississippi State Tax Comm'n (Miss. 1999).
· cites it 6× “Since Emhart's financial operation was not affected and did not diminish during these periods, even after the $1, 000,000,000 dividend was issued to Emhart Corporation, the Commission found that Emhart's reported capital was not true capital employed within the State of…”
Emhart Indus., Inc. v. Mississippi State Tax Comm'n, 798 So. 2d 340 (Miss. 2000).
· cites it 6× “Since Emhart’s financial operation was not affected and did not diminish during these periods, even after the $1,000,000,000 dividend was issued to Emhart Corporation, the Commission found that Emhart’s reported capital was not true capital employed within the State of…”
Mississippi State Tax Comm'n v. Lady Forest Farms, Inc. (Miss. 1995).
· cites it 3× “This Court in Dyer noted the limitations placed upon the scope of "capital used in this state" by the specific provisions of § 27-13-11, and the Legislature has full authority to change said provisions if it is of the view that said provisions serve to define "capital used in…”
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