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- Title
State Law & State Taxation Corner.
- Authors
Biek, John A.
- Abstract
The article discusses the important federal income tax issues for gift card issuers in the U.S. Issues include whether the proceeds from these items constitute deposits on the issuer of the gift cards, hence, it analyzes the federal income tax consequences of unredeemed gift cards and stored value cards, according to the application of state unclaimed property rules. It concludes that more guidance should be provided by the Internal Revenue Service (IRS) on these income tax issues.
- Subjects
UNITED States; STORED-value cards -- Law &; legislation; GIFT taxes; INCOME tax deductions for taxes; ESCHEAT; UNITED States. Internal Revenue Service
- Publication
Journal of Passthrough Entities, 2008, Vol 11, Issue 5, p11
- ISSN
1099-7407
- Publication type
Article