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

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 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 a more recent revenue procedure that authorizes the deferral of gross income from gift cards. Outline the key points of this document, and send the outline to your instructor.

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