Page 18

- 18 -

excess of $70,000 ($140,000 for joint returns), and is completely phased out for taxpayers with modified adjusted gross income of $85,000 or more ($170,000 or more for joint returns). .31 Limitation on Use of Cash Method of Accounting. For taxable years beginning in 2021, a corporation or partnership meets the gross receipts test of § 448(c) for any taxable year if the average annual gross receipts of such entity for the 3-taxable-year period ending with the taxable year which precedes such taxable year does not exceed $26,000,000. .32 Threshold for Excess Business Loss. For taxable years beginning in 2021, in determining a taxpayer’s excess business loss, the amount under § 461(l)(3)(A)(ii)(II) is $262,000 ($524,000 for joint returns). .33 Treatment of Dues Paid to Agricultural or Horticultural Organizations. For taxable years beginning in 2021, the limitation under § 512(d)(1), regarding the exemption of annual dues required to be paid by a member to an agricultural or horticultural organization, is $173. .34 Insubstantial Benefit Limitations for Contributions Associated with Charitable Fund-Raising Campaigns. (1) Low cost article. For taxable years beginning in 2021, for purposes of defining the term “unrelated trade or business” for certain exempt organizations under § 513(h)(2), “low cost articles” are articles costing $11.30 or less. (2) Other insubstantial benefits. For taxable years beginning in 2021, under § 170, the $5, $25, and $50 guidelines in section 3 of Rev. Proc. 90-12, 1990-1 C.B. 471 (as amplified by Rev. Proc. 92-49, 1992-1 C.B. 987, and modified by Rev. Proc. 92-102,