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Blue Corporation began business on April 1 of last year and reported gross receipts of...

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Accounting

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Blue Corporation began business on April 1 of last year and reported gross receipts of $21 million. Which of the following is true statement about the gross receipts test as applied to Blue? Blue cannot qualify because they do not have gross receipts for the entire prior three-year period. Blue will qualify because their average gross receipts is only $28 million. Blue will not qualify because their average gross receipts is $42 million. Blue cannot qualify until the firm reports gross receipts for an entire year

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