INCOME TAX

Rev. Rul. 96–17, page 5. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 1996, is 7 percent for overpayments, 8 percent for underpayments, and 10 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 5.5 percent.

Rev. Rul. 96–18, page 4. LIFO; price indexes; department stores. The January 1996 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, January 31, 1996.

T.D. 8656, page 9. Final and temporary regulations under section 6662(e) of the Code provide guidance on the imposition of the accuracy-related penalty for net section 482 transfer price adjustments.