Multiple Choice
Copper Corporation, a C corporation, had gross receipts of $5 million in 2013, $6 million in 2014, and $3 million in 2015. Gold Corporation, a personal service corporation (PSC) , had gross receipts of $4 million in 2013, $7 million in 2014, and $5 million in 2015. Which of the corporations will be allowed to use the cash method of accounting in 2016?
A) Copper Corporation only.
B) Gold Corporation only.
C) Both Copper Corporation and Gold Corporation.
D) Neither Copper Corporation nor Gold Corporation.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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