All Businesses Whose Average Annual Gross Receipts for the Three

question 42

True/False

All businesses whose average annual gross receipts for the three prior years do not exceed $26 million in 2019 ($25 million in 2018) may use the cash method.

---

Definitions:

China

A country in East Asia, the world's most populous nation, with a significant impact on global economy and geopolitics.

Japan

An island country in East Asia, known for its rich culture, technological advancements, and strong economy.

American Producers

Businesses or individuals in the United States that create or provide goods and services.

Oil Imports

The purchase of petroleum from foreign countries, essential for economies that consume more oil than they produce domestically.