INCOME TAX

Rev. Rul. 96–9, page 5. LIFO; price indexes; department stores. The November 1995 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, November 30, 1995.

Rev. Rul. 96–10, page 27. Basis of partner’s interest; sale between partnerships. Partners’ bases in their partnership interests are decreased to reflect losses on the sale of partnership property to a related partnership that are disallowed under section 707(b)(1) of the Internal Revenue Code. Partners’ bases in their partnership interests are increased to reflect gain from the sale of partnership property that is not recognized under sections 267(d) and 707(b)(1) of the Code.

Rev. Rul. 96–11, page 28. Charitable contribution by partnership. A charitable contribution of property by a partnership reduces each partner’s basis in the partnership by the amount of the partner’s share of the partnership’s basis in the property contributed.

T.D. 8632, page 6. Final regulations relating to qualified cost sharing arrangements under section 482 of the Code.