INCOME TAX

Rev. Rul. 2001–53, page 489. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period October through December 2001. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period October through December 2001. This ruling also provides a summary of the bond factor amounts for dispositions occurring during the period January through September 2001.

Rev. Rul. 2001–54, page 490. LIFO; price indexes; department stores. The September 2001 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, 2001.

Rev. Rul. 2001–57, page 488. Gross income; sale of principal residence. If an individual elects under section 311(e) of the Tax Reform Act of 1997 to treat the individual’s principal residence as being both sold and reacquired on January 1, 2001, for an amount equal to its fair market value on that date, the individual cannot exclude from gross income under section 121 of the Code any of the gain from the deemed sale.

Finding Lists begin on page ii.

Department of the Treasury Internal Revenue Service