INCOME TAX

Rev. Rul. 2001–9, page 652. LIFO; price indexes; department stores. The December 2000 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and lastin, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, December 31, 2000.

T.D. 8914, page 653. Final regulations under section 988 of the Code relate to when a currency will be considered hyperinflationary. These final regulations are intended to prevent distortions associated with the computation of income and expense arising from section 988 transactions denominated in hyperinflationary currencies.