Receipt definition, a written acknowledgment of having received, or taken into one's possession, a specified amount of money, goods, etc. The facts are the same as in Example 1, except the taxpayer has gross receipts of 40 million dollars. The net section 482 adjustment ($4.5 million) is greater than the lesser of five million dollars or ten percent of gross receipts ($40 million × 10% = $4 million).
(6) IRM 1.32.1.1.3, Responsibilities, added new section. (7) IRM 1.32.1.1.6 (1) (b), Definition, updated definition for approving official. Reviewing receipts.
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What Is 1% Of 6.1
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1 Blessed is the onea
who does not walkb in step with the wickedc
or stand in the wayd that sinners takee
2 but whose delighth is in the law of the Lord,i
and who meditatesj on his law day and night.
3 That person is like a treek planted by streamsl of water,m
and whose leafo does not wither—
whatever they do prospers.p
Receipts 1 6 16
4 Not so the wicked!
They are like chaffq
that the wind blows away.
5 Therefore the wicked will not standr in the judgment,s
Receipts 1 6 1/2
nor sinners in the assemblyt of the righteous.
6 For the Lord watches overu the way of the righteous,
John 1 1 6
but the way of the wicked leads to destruction.v
Receipts 1 6 12
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