Bulletin No. 2003-52 December 29, 2003

first-out inventory methods for valuing inventories for tax years ended on, or with reference to, October 31, 2003.

T.D. 9098, page 1248. REG–153319–03, page 1256. Temporary and proposed regulations under section 1502 of the Code amend proposed regulations (REG–132760–03, 2003–43 I.R.B. 933) and temporary regulations (T.D. 9089, 2003–43 I.R.B. 906). These regulations provide guidance concerning how a corporation that is a member of a consolidated group reduces its tax attributes when that member realizes discharge of indebtedness income that is excluded from gross income under section 108.