[h0wdyus]

I am confused with the conditions where it mentions that cash basis of accounting can be chosen by an entity IF FOR EVERY YEAR IT HAS AVERAGE ANNUAL GROSS RECEIPTS of $5mill or less FOR ANY PRIOR 3 YEAR PERIOD .

Does it mean that we have to take average of 3 years gross receipts or does it mean that one years receipts is 5 million out of the 3 year period.

There are other conditions like that .. just mentioned this one for example.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ