Betsy is a veterinarian who is in the process of setting up her own practice. She anticipates that her gross income will start at about $800,000 in her first year and grow by 5% each year. In addition to providing veterinary services she plans to sell dog/cat food, flea and tick medications as well as carry a line of locally made collars and leashes. Betsy would prefer to use the cash method of accounting if possible. Please advise Betsy on whether she will be permitted to use the cash method of accounting. Include cases or IRS guidance that supports your position.