INCOME TAX

Rev. Rul. 2002–36, page 1148. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate . For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for June 2002.

Rev. Rul. 2002–37, page 1147. LIFO; price indexes; department stores . The April 2002 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, April 30, 2002.

T.D. 8996, page 1127. Final regulations under sections 441 and 442 of the Code relate to certain adoptions, changes, and retentions of annual accounting periods. The final regulations primarily affect taxpayers that want to adopt an annual accounting period or that must receive approval from the Commissioner to adopt, change, or retain an annual accounting period. In addition, the regulations provide guidance relating to the taxable years of partnerships and S corporations. Rev. Ruls. 57–589, 65–316, 68–125, 69–563, 74–326, and 78–179 obsolete.

Notice 2002–41, page 1153. This notice contains guidance for entering into a withholding foreign partnership or withholding foreign trust agreement with the service.