Business & farm

Section 471(c) of the Code exempts small businesses.

 

See https://www.law.cornell.edu/uscode/text/26/471

 

Section 448(c)(1) of the Code defines small businesses as those whose average annual gross receipts for the past three years do not exceed $25M.

 

See https://www.law.cornell.edu/uscode/text/26/448#a_3