For self-employed individuals other than farmers and ranchers (IRS Form 1040 Schedule C): sum of line 4 and line 75.Examples of amounts required to compute gross receipts based on entity tax return type:.If 2020 has not yet been filed, the return must fill out the relevant tax forms and sign and date the return attesting that the values entered will be the same numbers filed. If using the annual method – IRS income tax filings for calendar year 20.Quarterly or monthly bank statements showing deposits from the relevant quarters.Quarterly financial statements – if not audited, the borrower must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy.Documentation required to demonstrate meeting the gross receipts decline test include:.* Exception* – Fiscal year filers may use their annual tax return for the annual gross receipts decline documentation ONLY if their fiscal year contains all of the second, third and fourth quarters of the calendar year, so February, March, or April fiscal year start dates.
Gross receipts decline test is based on calendar quarter comparisons OR a calendar year comparison of 2020 to 2019.Gross amount received as investment income, such as interest, dividends, rents, and royalties.Gross amount received from the sale of assets without reduction for cost or other basis and expenses of sale.Gross sales or receipts from business activities (including business activities unrelated to the purpose for which the organization qualifies for exemption, the net income or loss from which may be required to be reported on Form 990-T).Gross amount received as dues or assessments from members or affiliated organizations without reduction for expenses attributable to the receipt of such amounts.Gross amount received as contributions, gifts, grants, and similar amounts without reduction for the expenses of raising and collecting such amounts.
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