Ashwood Corporation has been in business for 20 years.For the previous 3 years,Ashwood Corporation had annual gross receipts of $3.3 million,$4.2 million and $5.4 million,respectively.For alternative minimum tax purposes,is Ashwood Corporation a small corporation? Give your reasoning and/or the calculation that you based your answer on.Also,why does it matter if they are a small corporation?

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The Answer of Ashwood Corporation has been in business for 20 years.For the previous 3 years,Ashwood Corporation had annual gross receipts of $3.3 million,$4.2 million and $5.4 million,respectively.For alternative minimum tax purposes,is Ashwood Corporation a small corporation? Give your reasoning and/or the calculation that you based your answer on.Also,why does it matter if they are a small corporation?

Ashwood Corporation Has Been in Business for 20 Years