Average Annual Gross Receipts definition

Average Annual Gross Receipts. - means “total income” (or in the case of a sole proprietorship, “gross income”) plus “cost of goods sold” as these terms are defined and reported on Internal Revenue Service (IRS) tax return forms (such as Form 1120 for corporations; Form 1120S and Schedule K for S corpora- tions; Form 1120, Form 1065 or Form 1040 for LLCs; Form 1065 and Schedule K for partnerships; Form 1040, Schedule F for farms; Form 1040, Schedule C for other sole proprietorships). Receipts do not include net capital gains or losses; taxes collected for and remitted to a taxing authority if included in gross or total income, such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees; proceeds from transactions between a concern and its domestic or foreign affili- ates; and amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker. For size determination purposes, the only exclusions from receipts are those specifically provided for in this paragraph. All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer’s request, and em- ployee-based costs such as payroll taxes, may not be excluded from receipts.
Sample 1

Examples of Average Annual Gross Receipts in a sentence

  • Average Annual Gross Receipts (i.e. Average Gross Professional Fees earned during the last 3 years i.e. FY 2017-18, FY 2018-19 and FY 2019-20) of the Firm must be equal to or more than Rs.100 Lacs.

  • Average Annual Gross Receipts For Three (3) Preceding Years OR Number of Employees.

  • A qualifying small business tax- payer is any taxpayer with “average annual gross receipts” of $10,000,000 or less that is not prohibited from using the cash method under § 448..02 Average Annual Gross Receipts.

  • Firm should have a minimum Average Annual Gross Receipts of Rs.15 Lakh from practice, during the last three financial years i.e. 2018-19, 2019-20 and 2020-21.

  • Taxpayermay use the cash method for all its trades or businesses pursuant to this revenue procedure for its 2001 taxable year because its average annual gross receipts for each prior taxable year ending on or after December 31, 2000, is $10,000,000 or less and its principal business activity is not described in the ineligible NAICS codes listed in section 4.01(1)(a)(i)–(v).Example 3—Failure of the Average Annual Gross Receipts Test.

  • A concession must meet the size standards as provided in Appendix A to subpart F, 49 CFR §23, “Size Standards for Airport Concessionaires: Maximum Average Annual Gross Receipts in Preceding Three Years.” Only DBEs able to perform the work will be counted toward the DBE goal.

  • Again, if A had base period gross receipts they would be attributed to X and Y in the same manner as Massachusetts qualified research expenses and average annual gross receipts.63.38M.1: continued Average Annual Gross Receipts.

  • For purposes of computing the group credit for the 2004 taxable year (the credit year), D, E, F, and G had the following: DaggregateEFGGroup Credit YearQREs$580x$10x$70x $15x$675x1984-1988QREs$500x$25x$100x $25x$650x 1984-1988 Gross Receipts $4,000x$5,000x$2,000x$10,000x $21,000x Average Annual Gross Receipts for 4 Years Preceding the Credit Year $5,000x$5,000x$2,000x$5,000x $17,000x (ii) Computation of the group credit —(A) In general.

  • A concession must meet the size standards as provided in Appendix A to subpart F, 49 CFR §23, “Size Standards for Airport Concessionaires: Maximum Average Annual Gross Receipts in Preceding Three Years.” Only (AC)DBEs able to perform the work will be counted toward the (AC)DBE goal.

  • For purposes of computing the group credit for the 2004 taxable year (the credit year), A, B, and C had the following: A B C Group aggregate Credit Year QREs$200x$20x$110x$330x1984-1988 QREs$40x$10x$100x$150x 1984-1988 Gross Receipts $1,000x$350x $150x $1,500x Average Annual Gross Receipts for 4 Years Preceding the Credit Year $1,200x$200x $300x $1,700x (ii) Computation of the group credit —(A) In general.

Related to Average Annual Gross Receipts

  • Average annual payroll means the average of the annual

  • Average Annual Debt Service means, at the time of calculation, the sum of the Annual Debt Service for the remaining years of the loan to the last scheduled maturity of the loan divided by the number of those years.

  • Average Annual Bonus means the average of the annual bonuses (if any) from the Company earned by the Executive with respect to the Bonus Fiscal Years during all or any portion of which the Executive was employed by the Company; and, provided, further, that, if the Executive was not employed by the Company during all or any portion of any of the Bonus Fiscal Years, “Average Annual Bonus” means zero.

  • Average Annual Compensation For the purposes of this Agreement, “Average Annual Compensation” shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Average annual rainfall means a typical calendar year of precipitation as determined by the Wisconsin Department of Natural Resources for users of models such as WinSLAMM, P8 or equivalent methodology. The average annual rainfall is chosen from a department publication for the location closest to the municipality.

  • Semi-Annual Period means each of: the period beginning on and including January 1 and ending on and including June 30; and the period beginning on and including July 1 and ending on and including December 31.

  • Pro-rata Annual Bonus means the amount of Annual Bonus, multiplied by a fraction, the numerator of which is the number of days in such year during which the Executive was actually employed by the Company (or its predecessor) and the denominator of which is 365.

  • Total Revenues means revenues from all taxes and fees, excluding revenue from funds managed by local government on behalf of a specific third party, and does not include the proceeds from borrowing or asset sales.

  • Maximum Annual Debt Service means, as of the date of any calculation, the largest Annual Debt Service during the current or any future Bond Year.

  • Total Revenue bears the same meaning assigned to this expression in the Codes of Good Practice on Black Economic Empowerment, issued in terms of section 9(1) of the Broad-Based Black Economic Empowerment Act and promulgated in the Government Gazette on 9 February 2007;

  • Average monthly discharge limitation means the highest allowable average of "daily discharges" over a calendar month, calculated as the sum of all "daily discharges" measured during a calendar month divided by the number of "daily discharges" measured during that month. Compliance with fecal coliform bacteria or E coli bacteria limitations shall be determined using the geometric mean.

  • Base Annual Salary means the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

  • Three-Month Secondary CD Rate means, for any day, the secondary market rate for three-month certificates of deposit reported as being in effect on such day (or, if such day is not a Business Day, the next preceding Business Day) by the Board through the public information telephone line of the Federal Reserve Bank of New York (which rate will, under the current practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day) or, if such rate is not so reported on such day or such next preceding Business Day, the average of the secondary market quotations for three-month certificates of deposit of major money center banks in New York City received at approximately 10:00 a.m., New York City time, on such day (or, if such day is not a Business Day, on the next preceding Business Day) by the Administrative Agent from three negotiable certificate of deposit dealers of recognized standing selected by it.

  • Current Annual Compensation means the greater of:

  • Income year means any year or accounting period beginning 1 July of one calendar year and ending 30 June of the following calendar year or any other period that the Trustees by resolution adopt;

  • Sales Year means the calendar year during which the Company sold Cigarettes in a Beneficiary State requiring the deposit of QEF Principal.

  • Calendar Quarter means each period of three (3) consecutive calendar months, ending March 31, June 30, September 30, and December 31.

  • Adjusted gross receipts means the gross receipts less winnings paid to wagerers.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Calculation Period means the period from and including the seventh scheduled Index Business Day prior to the Stated Maturity to and including the second scheduled Index Business Day prior to the Stated Maturity.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Measurement Period shall have the meaning specified in Section 14.01(b)(i).

  • Maximum Weekly Starts means the maximum number of times that a generating unit can be started in one week, defined as the 168 hour period starting Monday 0001 hour, under normal operating conditions. Member:

  • Twelve-Month Period means a twelve-month period ending on the first anniversary of the Effective Date or on each subsequent anniversary thereof.