INCOME TAX

Rev. Rul. 98–54, page 14. LIFO; price indexes; department stores. The September 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, September 30, 1998.

T.D. 8787, page 5. Final and temporary regulations provide ordering rules for the reduction of basis of property under sections 108 and 1017 of the Code.