- Ag Docket
(IRS modifies rule for deferring income on pre-paid gift cards; IRS clarifies what happens when gift card redeemable by entity whose financial results are not included in taxpayer's applicable financial statement (AFS); for such taxpayers, payment recognized in income to extent gift card is redeemed; for taxpayer without an AFS, the taxpayer will recognize the payment in income when it is earned, which is when the gift card is redeemed; any payment received by the taxpayer that is not recognized in income in the year of receipt, must be recognized in the subsequent year).
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