INCOME TAX

Rev. Rul. 2002–47, page 119. LIFO; price indexes; department stores. The May 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, May 31, 2002.

T.D. 9002, page 120. Final regulations under section 1502 of the Code revise rules concerning the common parent as agent for a consolidated group, including the term and scope of the common parent’s authority as agent, the designation of a substitute agent by a terminating common parent, the existence of a default substitute agent under certain conditions, the designation of a substitute agent by the Commissioner under certain circumstances, and the filing of a tentative carryback adjustment with respect to a loss from a separate return year.

Notice 2002–51, page 131. This notice solicits public comments on the application of section 142(a)(6) of the Code, which permits tax-exempt bonds to be issued to finance solid waste disposal facilities.

Rev. Proc. 2002–50, page 173. This procedure states that if an individual exercises a statutory or nonstatutory stock option and sells the stock on the same day as the exercise, the sale constitutes an “excepted sale” for Form 1099–B reporting under section 1.6045–1(c)(3)(ii) of the regulations, provided certain conditions are satisfied.