INCOME TAX

Rev. Rul. 2002–66, page 812. Effect of collars on qualified covered calls. Guidance is provided under section 1092 of the Code regarding the effect of collars upon qualified covered call options.

Rev. Rul. 2002–68, page 808. 2002 base period T-bill rate. The “base period T-bill rate” for the period ending September 30, 2002, is published, as required by section 995(f) of the Code.

Rev. Rul. 2002–74, page 814. Federal rates; adjusted federal rates; adjusted fed- eral 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 November 2002.

Rev. Rul. 2002–75, page 812. Tax-free exchange of annuity contracts. This ruling states that the transfer of an entire annuity contract into another preexisting annuity contract qualifies as a tax-free exchange and defines the basis and investment in the contract for the surviving contract.

Rev. Rul. 2002–77, page 806. LIFO; price indexes; department stores. The September 2002 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, September 30, 2002.