C corporations with annual average gross receipts of $25 million or more are allowed to use the cash method of accounting for at least the first two years of their existence.

Name: C corporations with annual average gross receipts of $25 million or more are allowed to use the cash method of accounting for at least the first two years of their existence.
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Question

Quizplus · Accepted Answer

A corporation may not use the cash method of accounting in the second year if it reported more than $25 million in gross receipts in the first year.

C Corporations with Annual Average Gross Receipts of $25 Million