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.
Answer the following statement true (T) or false (F)
True
Rationale: A partnership may be able to use the cash method of accounting if the partnership did not have average annual gross receipts in excess of $25 million in the immediately preceding three-year period. The cash method is available in this case even if the partnership has a partner that is a C corporation.
You might also like to view...
A careful analysis of customer behavior leads to a better understanding of what kind of channel structure is necessary to satisfy the different segments
Indicate whether the statement is true or false
________ is when potential respondents are alerted that they may fill out a questionnaire that is hosted at a particular Web site
A) Random online intercept sampling B) Invitation online sampling C) Online panel sampling D) Systematic online sampling E) Snowball sampling
Make your report easy to read by limiting the number of headings
Indicate whether the statement is true or false
Under the Noerr doctrine two or more persons may petition the government to enact laws or
take other action without violating the antitrust laws. Indicate whether the statement is true or false