(7) related to coordination with section 481.Ģ002-Subsec. "(1) In general.-A corporation or partnership meets the $5,000,000 gross receipts test of this subsection for any prior taxable year if the average annual gross receipts of such entity for the 3-taxable-year period ending with such prior taxable year does not exceed $5,000,000." Prior to amendment, text read as follows: "For purposes of this section. 115–97, §13102(a)(1), substituted "Gross receipts test" for "$5,000,000 gross receipts test" in heading and amended introductory provisions and par. Prior to amendment, text read as follows: "Paragraphs (1) and (2) of subsection (a) shall not apply to any corporation or partnership for any taxable year if, for all prior taxable years beginning after December 31, 1985, such entity (or any predecessor) met the $5,000,000 gross receipts test of subsection (c)." Inflation Adjusted Items for Certain Yearsįor inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.Ģ017-Subsec. The Secretary shall prescribe such regulations as may be necessary to prevent the use of related parties, pass-thru entities, or intermediaries to avoid the application of this section.
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