INCOME TAX

Rev. Rul. 2003–108, page 963. Tax lien. This ruling under section 6323(a) of the Code concludes that actual notice or knowledge of the existence of a section 6321 federal tax lien is irrelevant for purposes of section 6323(a) lien priority.

Rev. Rul. 2003–113, page 962. LIFO; price indexes; department stores. The August 2003 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, August 31, 2003.

T.D. 9091, page 939. REG–157164–02, page 1004. Final, temporary, and proposed regulations under sections 168 and 1400L of the Code provide rules for the additional first-year depreciation allowance. The regulations provide the requirements that must be met for depreciable property to qualify for the additional first-year depreciation allowance and instruct taxpayers how to determine the additional first-year depreciation allowance and the amount of depreciation otherwise allowable for the property. The regulations apply to property acquired by a taxpayer after September 10, 2001 (for the additional 30-percent first-year depreciation allowance), and for property acquired by a taxpayer after May 5, 2003 (for the additional 50-percent first-year depreciation allowance). A public hearing on the proposed regulations is scheduled for December 18, 2003.

Finding Lists begin on page ii.