Your client, New Shoes Ltd., is a retailer that often issues store gift (debit) cards to customers
Question:
Your client, New Shoes Ltd., is a retailer that often issues store gift (debit) cards to customers in lieu of a cash refund. You recall that a special rule allows accrual method taxpayers to defer all or a portion of advance payments received. Determine whether this rule applies to the gift cards issued as refunds for product returns.
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The source of authority is RevProc 201117 20115 IRB 441 2011 This can be fo...View the full answer
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Related Book For
South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109175
23rd Edition
Authors: Annette Nellen, James C. Young, William A. Raabe, David M. Maloney
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