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question 1 which of the following entities may not use the cash method of accounting 4280352

Question

1. Which of the following entities may not use the cash method of accounting?

A.) A partnership with average annual gross receipts in excess of $5 million.

B.) A C corporation whose average annual gross receipts for the preceding 3 taxable years do not exceed $5 million.

C.) A C corporation that is substantially owned by its employees and whose business is selling goods with annual gross receipts in excess of $5 million for all tax years since its inception.

D.) An S corporation.

Explain your answer –

 

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