INCOME TAX

Rev. Rul. 2000–3, page 297. LIFO; price indexes; department stores. The November 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, November 30, 1999.

T.D. 8856, page 298. This document contains changes delaying the effective date for final regulations (T.D. 8734, 1997–2 C.B. 109) under sections 1441, 1442, and 1443 of the Code relating to the withholding of income tax on certain U.S. source income payments to foreign persons.

Notice 2000–4, page 313. Like-kind exchange and involuntary conversion of MACRS property. Guidance is provided about the depreciation of property subject to section 168 of the Code (MACRS property) that is acquired in a like-kind exchange under section 1031 or as a result of an involuntary conversion under section 1033. The Service and the Department of the Treasury intend to issue regulations under section 168 that will address these transactions. Taxpayers should follow this notice until these regulations are issued. Public comments to aid in development of the regulations are requested by March 31, 2000. Rev. Proc. 99–49 modified and amplified.

Finding Lists begin on page ii.

Department of the Treasury Internal Revenue Service