INCOME TAX

Rev. Rul. 99–4, page 19. LIFO; price indexes; department stores. The November 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, November 30, 1998.

T.D. 8800, page 20. Final and temporary regulations under section 1502 of the Code relate to the consolidated return regulations.

T.D. 8801, page 5. Final regulations under section 148 of the Code relate to the arbitrage restrictions applicable to tax-exempt bonds issued by State and local governments.

T.D. 8802, page 10. Final regulations under section 337 of the Code generally affect a taxable corporation that transfers all or substantially all of its assets to a tax-exempt entity or converts from a taxable corporation to a tax-exempt entity in a transaction other than a liquidation, and generally requires the taxable corporation to recognize gain or loss as if it had sold the assets transferred at fair market value.