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Regarding Gross Receipts for a California business, which of the following statements is correct?Question 5Select...

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Accounting

Regarding Gross Receipts for a California business, which of the following statements is correct?
Question 5Select one:
a.
Amounts realized on the sale or exchange of property is to be reduced by the cost of goods sold or the basis of property sold to arrive at gross receipts
b.
Gross receipts, even if business income, does not include damages and other amounts received as the result of litigation or tax refunds and other tax benefit recoveries
c.
Gross receipts include repayment, maturity, or redemption of the principal of a loan, bond, mutual fund, certificate of deposit, or similar marketable instrument
d.
A and B above are both correct

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