INCOME TAX

Rev. Rul. 2003–42, page 754. LIFO; price indexes; department stores. The February 2003 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, February 28, 2003.

Rev. Proc. 2003–32, page 803. Regulated investment companies. This procedure sets forth conditions under which a regulated investment company (RIC) that holds a partnership interest is treated, for purposes of qualifying as a RIC under section 851(b)(3) of the Code and for purposes of eligibility to pay exempt-interest dividends under section 852(b)(5), as if it directly invested in the assets held by the partnership.

Announcement 2003–23, page 808. This document contains corrections to final and temporary regulations (T.D. 9048, 2003–13 I.R.B. 644) that redetermine the basis of stock of a subsidiary member of a consolidated group immediately prior to certain transfers of such stock and certain deconsolidations of a subsidiary member and also suspend certain losses recognized on the disposition of stock of a subsidiary member.

Announcement 2003–24, page 810. This document contains corrections to proposed regulations (REG–131478–02, 2003–13 I.R.B. 669) that redetermine the basis of stock of a subsidiary member of a consolidated group immediately prior to certain transfers of such stock and certain deconsolidations of a subsidiary member and also suspend certain losses recognized on the disposition of stock of a subsidiary member.

Finding Lists begins on page ii.