Multiple Choice
Which one of the following entities cannot use the cash method for tax purposes in 2019?
A) A large almond farm with $40 million in average annual gross receipts.
B) A corporation with $24 million in average annual gross receipts and 200 employees.
C) A law firm operating as a personal service corporation with $5.4 million in average annual gross receipts.
D) A small sole proprietorship with $150,000 in average annual gross receipts.
E) All of these may use the cash method.
Correct Answer:
Verified
Correct Answer:
Verified
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