HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

Rev. Rul. 2007–34, page 1316. LIFO; price indexes; department stores. The March 2007 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, 2007.

Rev. Rul. 2007–35, page 1317. Revenue rulings obsolete. This ruling obsoletes Rev. Rul. 74–245, 1974–1 C.B. 124, and Rev. Rul. 82–45, 1982–1 C.B. 89, which provide guidance regarding income subject to foreign legal restrictions (also known as blocked income) under section 482. Rev. Ruls. 74–245 and 82–45 obsoleted.

Notice 2007–43, page 1318. This notice provides guidance relating to the computation of the refueling property credit under section 30C of the Code and the treatment for purposes of the credit of converted and dual-use refueling property. The credit is available for property that is used for the storage or dispensing of alternative fuel into the fuel tank of a motor vehicle at the point where the fuel is delivered into the fuel tank of a vehicle that is propelled by the alternative fuel.

Notice 2007–44, page 1320. LIFO; price indexes; department stores. The Service will no longer publish the Department Store Inventory Price Indexes prepared by the Bureau of Labor Statistics (BLS) but will continue to accept the BLS Department Store Inventory Price Indexes for use by department stores employing the retail and last-in, first-out (LIFO) inventory methods. Rev. Proc. 86–46 modified.

Finding Lists begin on page ii. Index for January through May begins on page vi.