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The proposed rules also include examples exhibiting that advance payments for loyalty or benefits factors, lower price vouchers, airline miles, as well as other identical preparations which can be dealt with as independent overall performance obligations may be eligible for deferral procedure. This is welcome information for taxpayers within the retail and transportation industries. The addition of those illustrations is the result of the different remedy of this stuff for money statement applications beneath the new accounting typical for revenue recognition (e.
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(A) Eligible to acquire and it has been given the title IV, HEA application funds for which reimbursement is sought; and
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(2) For each depository account that features title IV, HEA application cash, an establishment located in a State need to Plainly recognize that title IV, HEA software cash are taken care of in that account by—
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(viii) Make certain that the phrases from the accounts provided pursuant into a T2 arrangement are usually not inconsistent with the most effective money passions of the students opening them. The Secretary considers this prerequisite to generally be met if—
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