Question: Your client is a new retailer who often issues store gift (debit) cards to customers in lieu of a cash refund. You recall that the

Your client is a new retailer who often issues store gift (debit) cards to customers in lieu of a cash refund. You recall that the IRS issued a Revenue Procedure that provided that the prepaid income rules in Revenue Procedure 2004-34 could be applied to the income from the gift cards. Locate the Revenue Procedure authorizing the deferral of the income from gift cards.

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