INCOME TAX

Rev. Rul. 2003–21, page 509. LIFO; price indexes; department stores. The December 2002 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, firstout inventory methods for valuing inventories for tax years ended on, or with reference to, December 31, 2002.

Rev. Rul. 2003–22, page 494. Low-income housing credit; satisfactory bond; “bond fac- tor” amounts for the period January through March 2003. This ruling announces errors in the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2003. It also provides a list of the corrected bond factor amounts. Rev. Rul. 2003–2 revoked.

Rev. Rul. 2003–23, page 511. Estimated tax penalty safe harbor. This ruling addresses the application of section 6654(d)(1)(B)(ii) of the Code where an individual filed a late original return for the preceding year.

T.D. 9030, page 495. Final regulations under section 121 of the Code provide rules relating to the exclusion of gain from the sale or exchange of a principal residence and for the application of the exclusion to an individual’s bankruptcy estate.

T.D. 9031, page 504. REG–138882–02, page 522. Temporary and proposed regulations under section 121 of the Code provide rules relating to the reduced maximum exclusion of gain from the sale or exchange of property that the taxpayer has not owned and used as the taxpayer’s principal residence

Findings Lists begin on page ii.