C Corporations with Annual Average Gross Receipts of $26 Million

question 67

True/False

C corporations with annual average gross receipts of $26 million or more are allowed to use the cash method of accounting for at least the first two years of their existence.

---

Definitions:

Straightness

A condition where an element or line maintains a consistent path without deviation, typically applied in manufacturing to ensure parts are within specified tolerances.

Flatness

A geometric tolerance that describes how flat a surface must be within specified limits.

Tertiary Plane

A plane that is oriented to intersect or be parallel with the primary and secondary planes in a three-dimensional coordinate system.

Primary Datum

A reference point, line, or plane from which dimensions are measured in technical drawing or CAD modeling.