As defined in the proposed 1071 rules –
Small business = a business is a small business if and only if its gross annual revenue for its preceding fiscal year is $5 million or less.
If you are looking at a new business then yes, it would be $0 since there would be no prior year Gross Annual Revenue.
Using Webster’s Dictionary, Gross Annual Revenue is described as follows – Gross revenue, also known as gross income, is the sum of all money generated by a business, without taking into account any part of that total that has been or will be used for expenses. As such, gross revenue includes not just money made from the sale of goods and services but also from interest, sale of shares, exchange rates and sales of property and equipment.
Hope this helps,
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