Squawk Box Company (Squawk Box), a C corporation, started business in 2008. Squawk Box used the cash method for financial and tax reporting purposes…

Squawk Box Company (Squawk Box), a C corporation, started business in 2008. Squawk Box used the cash method for financial and tax reporting purposes for years 2008 through 2015. During years 2008 through 2012, annual gross receipts did not exceed $1,000,000; however in 2013 annual gross receipts were $5,250,000; in 2014 they were $6,500,000 and in 2015 they were $7,750,000. (S