The Greene Partnership Had Average Annual Gross Receipts for the Past

True/False

The Greene Partnership had average annual gross receipts for the past three years of $24.8 million, and never has reported average annual gross receipts above $25 million. One of the partners is Jackson, Inc., a C corporation. Because Greene meets the average annual gross receipts test, it may use the cash method of accounting even though it has a partner that is a C corporation.