Use this code:

In the arena of TCP&#47;IP-based electronic mail, <I>MIME</I> is
an abbreviation for <I>M</I>ulti-purpose <I>I</I>nternet <I>M</I>ail <I>E</I>xtensions.

And get this result:

In the arena of TCP/IP-based electronic mail, MIME is an abbreviation for Multi-purpose Internet Mail Extensions.