INCOME TAX

Rev. Rul. 97–37, page 15. LIFO; price indexes; department stores. The July 1997 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, July 31, 1997.

T.D. 8725, page 16. This final regulation contains miscellaneous sections of the Code affected by the Taxpayer Bill of Rights 2 and the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.

T.D. 8728, page 4. Final and temporary regulations relate to the requirements for changing a method of accounting for costs subject to section 263A of the Code.

REG–105160–97, page 22. The proposed regulations relate to qualified nonrecourse financing under section 465 of the Code. A public hearing will be held on December 10, 1997.