INCOME TAX

Rev. Rul. 2006–33, page 1148. LIFO; price indexes; department stores. The April 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, April 30, 2006.

T.D. 9264, page 1150. REG–134317–05, page 1184. Final, temporary, and proposed regulations under section 1502 of the Code and others simplify, clarify, or eliminate taxpayer reporting burdens. They also eliminate regulatory impediments to the electronic filing of certain statements that taxpayers are required to include on or with their federal income tax returns.

Notice 2006–52, page 1175. This notice sets forth a process that allows a taxpayer who owns a commercial building and installs property as part of the commercial building’s interior lighting systems, heating, cooling, ventilation, and hot water systems, or building envelope to obtain a certification that the property satisfies the energy efficiency requirements of section 179D(c)(1) and (d) of the Code. The notice also provides for a public list of software programs that may be used in calculating energy and power consumption for purposes of section 179D.

Notice 2006–53, page 1180. This notice modifies section 4.04 of Notice 2006–26, 2006–11 I.R.B. 622, to make clear that a component that provides structural support or a finished surface, or a component that has as a principal purpose any function unrelated to the reduction of heat loss or gain, is not a component