INCOME TAX

Rev. Rul. 99–15, page 4. LIFO; price indexes; department stores. The January 1999 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, January 31, 1999.

T.D. 8798, page 16. REG–120168–97, page 21. Temporary and proposed regulations under section 6695 of the Code relate to the due diligence requirements for paid preparers of federal income tax returns or claims for refund involving the earned income credit. A public hearing is scheduled for May 20, 1999.

T.D. 8803, page 15. REG–106386–98, page 31. Final and temporary regulations under section 6695 of the Code provide income tax return preparers with two alternative means of meeting the requirements that a preparer retain the manually signed (by the preparer) copy of the return or claim.

T.D. 8804, page 5. Final regulations relate to delaying the effective date and making technical amendments to final regulations under section 1441 of the Code.

REG–105964–98, page 22. Proposed regulations under section 1502 of the Code clarify the treatment of the transfer or extinguishment of rights under an intercompany obligation.