It is quoted in the definition that an insurance company, other than a life insurance company, can be exempted from federal income taxation under two conditions; the gross receipts of the company for the year should not exceed $600,000 and more than 50 percent of the gross receipts should ...
aYou can\'t just estimate your gross receipts from your expenses. That\'s what the taxpayer did in Charles Y. and Jin Y. Choi (T.C. Memo. 2002-183). The taxpayer operated a grocery store and estimated his cash sales by marking up his purchases by 25%. The IRS used the bank ...
LACK OF GROSS RECEIPTS No BAR TO WORTHLESSNESS DEDUCTION WHERE SUB WAS AN OPERATING COMPANY.The article focuses on the gross receipt test of Section 165 (g)(3)(B) ruling in the U.S. According to the U.S. Internal Revenue Service (IRS), a taxpayer who is a domestic corporation can ...