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

question 99

Multiple Choice

Copper Corporation, a C corporation, had gross receipts of $5 million in 2011, $6 million in 2012, and $3 million in 2013. Gold Corporation, a personal service corporation (PSC) , had gross receipts of $4 million in 2011, $7 million in 2012, and $5 million in 2013. Which of the corporations will be allowed to use the cash method of accounting in 2014?

• 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.

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Definitions:

Cognitive Therapy

An approach to therapy that tries to change some of the patient’s habitual modes of thinking about herself, her situation, and her future.

Depression

A mood disorder characterized by disabling sadness, hopelessness, and apathy; a loss of energy, pleasure, and motivation; and disturbances of sleep, diet, and other bodily functions.

Pavlov

was a Russian psychologist known for his work in classical conditioning, particularly the concept of the conditioned reflex.

Skinner

B.F. Skinner was a prominent American psychologist, behaviorist, author, inventor, and social philosopher known for his work in the study of behaviorism and operant conditioning.