Mississippi: Stock Distribution of Controlled Corporation

H.B. 1519, effective retroactive to 01/01/2012, provides that, with respect to the distributing corporation in the distribution of stock or securities of a controlled corporation, no gain will be recognized from such distribution provided the distribution is a part of a transaction that qualifies for tax-free treatment under IRC § 355 or IRC § 368(a)(1)(D); or if the distribution is pursuant to an overall plan to facilitate an ultimate distribution that qualifies for tax-free treatment under IRC § 355 or IRC § 368(a)(1)(D).