Browne and Red, both C corporations, formed the BR Partnership on January 1, 2012. Neither Browne nor

Question:

Browne and Red, both C corporations, formed the BR on January 1, 2012. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $4.6 million, $5 million, $6 million, and $7 million, respectively, for the four tax years ending in 2012, 2013, 2014, and 2015. Describe the methods of accounting available to BR in each tax year?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...