Your client is a new retailer who often issues store gift (debit) cards to customers in lieu

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 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?