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XYZ Corporation is a law firm engaged in rendering legal services to the public. The stock of XYZ Corporation is owned by the ten attorneys

XYZ Corporation is a law firm engaged in rendering legal services to the public. The stock of XYZ Corporation is owned by the ten attorneys who provide the legal services. XYZ Corporation has been very successful as indicated by the average gross receipts for each of the past 5 years of $30,000,000. May XYZ Corporation use the cash method of accounting? Yes ____ No _____

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