On December $12,2020,$ Home Store, Inc., a calendar year accrual basis taxpayer that operates retail stores and an e$-$commerce website, sells a $$100,000$ of gift cards that are redeemable for products available at its retail store and website; the cards do not have an expiration date. The cards are used to purchase $$75,000$ of goods in June $2022.$ The remaining $$25,000$ is redeemed in $2023.$ In its applicable financial statement, Home Store recognizes $$0$ income in $2020$ and $2021,$ $$75,000$ of income in $2022$ and $$25,000$ in $2023.$

When should Home Store report the $$100,000$ from the sale of the gift cards for tax purposes? Consider all possibilities and provide a brief explanation of the authority$/$support for the alternatives, if any.

What is the Schedule M$-1$ amount, if any, for $2020,2021,2022,$ and $2023?$Q$48$