INCOME TAX

Rev. Rul. 2006–28, page 938. LIFO; price indexes; department stores. The March 2006 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, March 31, 2006.

Rev. Proc. 2006–24, page 943. This procedure informs the trustee (or debtor in possession) representing the bankruptcy estate of the debtor of the procedure to be followed in obtaining a prompt determination by the Service of any unpaid tax liability of the estate incurred during the administration of the case. Rev. Proc. 81–17 obsoleted.