INCOME TAX

Rev. Rul. 97–47, page 4. LIFO; price indexes; department stores. The September 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, September 30, 1997.

REG–114000–97, page 13. Proposed regulations under section 1441 of the Code provide guidance regarding the obligation to withhold on interest paid with respect to obligations in the case of the sale of obligations between interest payment dates. A public hearing will be held on January 26, 1998.

Notice 97–64, page 7. Designation of classes of capital gain dividends by RICs or REITs. This notice describes temporary regulations that will be published permitting RICs and REITs to designate different classes of capital gain dividends in accordance with section 1(h) of the Code as amended by the Taxpayer Relief Act of 1997.