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Research Problem 4. Your client is a new retailer who often issues store gift (debit)...

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Accounting

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Research Problem 4. Your client is a new retailer who often issues store gift (debit) cards to customers in lieu of a cash refund. You recall that a special rule allows accrual method taxpayers to defer all or a portion of advance payments received. Conduct research to determine if this rule applies to the gift cards issued as refunds for product returns. Use internet tax resources to address the following questions. Look for reliable websites and blogs of the IRS and other government agencies, media outlets, businesses, tax professionals, academics, think tanks, and political outlets

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