Copper Corporation, a C Corporation, Had Gross Receipts of $5

Multiple Choice

Copper Corporation, a C corporation, had gross receipts of $5 million in 2009, $6 million in 2010, and $3 million in 2011.Gold Corporation, a personal service corporation (PSC) , had gross receipts of $4 million in 2009, $7 million in 2010, and $5 million in 2011.Which of the corporations will be allowed to use the cash method of accounting in 2012?

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.