Eligible small business

For purposes of this subsection, the term “eligible small business” means, with respect to any taxable year—

(i)#

a corporation the stock of which is not publicly traded,

if the average annual gross receipts of such corporation, partnership, or sole proprietorship for the 3-taxable-year period preceding such taxable year does not exceed $50,000,000. For purposes of applying the test under the preceding sentence, rules similar to the rules of paragraphs (2) and (3) of section 448(c) shall apply.

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Eligible small business

Official source

For purposes of this subsection, the term “eligible small business” means, with respect to any taxable year—

(i)#

a corporation the stock of which is not publicly traded,

(ii)#

a partnership, or

(iii)#

a sole proprietorship,

if the average annual gross receipts of such corporation, partnership, or sole proprietorship for the 3-taxable-year period preceding such taxable year does not exceed $50,000,000. For purposes of applying the test under the preceding sentence, rules similar to the rules of paragraphs (2) and (3) of section 448(c) shall apply.