INCOME TAX

Rev. Rul. 98–41, page 6. Employees’ trust’s unrelated business taxable in- come. An employees’ trust’s proportionate share of the income of a common trust fund is unrelated business taxable income (UBTI) to the extent that it would have been if the investment producing the income had been made directly by the employees’ trust. Rev. Rul. 67–301 modified.

Rev. Rul. 98–42, page 5. LIFO; price indexes; department stores. The June 1998 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, June 30, 1998.