Which one of the following entities cannot use the cash method for tax purposes?
A) A large almond farm with $40 million in gross receipts.
B) A continuing education provider with $2 million in gross receipts and 20 employees.
C) A law firm operating as a personal service corporation with $5.4 million in gross receipts.
D) A small sole proprietorship with $150,000 in gross receipts.
E) All of the above may use the cash method.
Correct Answer:
Verified
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