SECTION 7. DRAFTING
Internal Revenue Bulletin 2011-5 · 2026-10-03 edition · updated 2026-10-04 · United States
INFORMATION
The principal author of this revenue procedure is Jonathan D. Silver of the Office of Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure, contact Jonathan D. Silver at (202) 622–3930 (not a toll-free call).
26 CFR 601.204: Changes in accounting periods and methods of accounting. (Also Part I, §§ 451; 461; 1.451–5.)
Rev. Proc. 2011–17
PURPOSE
This revenue procedure provides a safe harbor method of accounting for the treatment of gift cards issued to customers in exchange for returned merchandise. This revenue procedure also provides administrative procedures for a taxpayer within the scope of this revenue procedure to obtain consent to change to the method of accounting permitted in section 4 of this revenue procedure.
Get a plain-English answer with a citation back to this text.
Ask AI about this code