Rules for Deferral of Income From Gift Card Sales Clarified

The IRS issued guidance clarifying that taxpayers that sell gift cards can defer recognizing income from the sale of gift cards redeemable by an unrelated third party until the year after the payment is received.

Source: http://feedproxy.google.com/~r/AICPA_Tax/~3/Wsne3qEJvbg/20130724.aspx

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