<u>Answer:</u> The oxidation state of iodine atom in the given compound is +5.
<u>Explanation:</u>
Oxidation state is the number that is assigned to an element when it gains or looses electrons. If an element gains electron, it will attain a negative oxidation state and if the element looses electrons, it will attain a positive oxidation state.
For the given chemical compound: 
We take the oxidation state of iodine atom be 'x'
Oxidation state of magnesium atom = +2
Oxidation state of oxygen atom = -2
Evaluating the oxidation state of iodine atom:

Hence, the oxidation state of iodine atom in the given compound is +5.