As a general rule, C corporations must use sthe cash method of accounting. However, under several exceptions to this rule (e.g., average annual gross receipts of $5 million or less for the mos recent 3-year period), a C corporation can use the accrual method. True or False

If a parent corporation makes 338 election, the subsidiary corporation recognizes gain but not loss on the deemed sale of its assets on he qualifed stock purchase date. True or False