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November BLS Price Indexes Accepted.

JAN. 28, 2002

Rev. Rul. 2002-4; 2002-1 C.B. 389

DATED JAN. 28, 2002
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Citations: Rev. Rul. 2002-4; 2002-1 C.B. 389

Rev. Rul. 2002-4

[1] LIFO; PRICE INDEXES; DEPARTMENT STORES. The November 2001 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 November 30, 2001.

[2] The following Department Store Inventory Price Indexes for November 2001 were issued by the Bureau of Labor Statistics. The indexes are accepted by the Internal Revenue Service, under § 1.472-1(k) of the Income Tax Regulations and Rev. Proc. 86-46 (1986-2 C.B. 739) for appropriate application to inventories of department stores employing the retail inventory and last-in, first-out inventory methods for tax years ended on, or with reference to, November 30, 2001.

[3] The Department Store Inventory Price Indexes are prepared on a national basis and include (a) 23 major groups of departments, (b) three special combinations of the major groups -- soft goods, durable goods, and miscellaneous goods, and (c) a store total, which covers all departments, including some not listed separately, except for the following: candy, food, liquor, tobacco, and contract departments.

             BUREAU OF LABOR STATISTICS, DEPARTMENT STORE

 

             INVENTORY PRICE INDEXES BY DEPARTMENT GROUPS

 

              (January 1941 = 100, unless otherwise noted)

 

 

 _____________________________________________________________________

 

                                                           Percent

 

                                                         Change from

 

                                       Nov.      Nov.     Nov. 2000 to

 

                Groups                 2000      2001     Nov. 2001 1

 

 _____________________________________________________________________

 

  1. Piece Goods                       499.6     492.1       -1.5

 

  2. Domestics and Draperies           610.2     597.2       -2.1

 

  3. Women's and Children's Shoes      664.0     659.0       -0.8

 

  4. Men's Shoes                       911.2     877.2       -3.7

 

  5. Infants' Wear                     648.0     641.4       -1.0

 

  6. Women's Underwear                 577.3     574.5       -0.5

 

  7. Women's Hosiery                   347.0     355.0        2.3

 

  8. Women's and Girls' Accessories    555.4     562.2        1.2

 

  9. Women's Outerwear and Girls'

 

     Wear                              402.0     385.3       -4.2

 

 10. Men's Clothing                    598.8     582.7       -2.7

 

 11. Men's Furnishings                 639.2     625.4       -2.2

 

 12. Boys' Clothing and Furnishings    501.3     490.1       -2.2

 

 13. Jewelry                           936.0     907.3       -3.1

 

 14. Notions                           798.0     806.5        1.1

 

 15. Toilet Articles and Drugs         973.8     979.8        0.6

 

 16. Furniture and Bedding             696.6     629.5       -9.6

 

 17. Floor Coverings                   625.6     627.3        0.3

 

 18. Housewares                        775.6     762.5       -1.7

 

 19. Major Appliances                  227.9     226.5       -0.6

 

 20. Radio and Television               57.5      52.3       -9.0

 

 21. Recreation and Education 2         92.3      88.4       -4.2

 

 22. Home Improvements 2               129.2     124.2       -3.9

 

 23. Auto Accessories 2                107.6     110.4        2.6

 

 

 Groups  1 - 15: Soft Goods            604.6     592.1       -2.1

 

 Groups 16 - 20: Durable Goods         435.6     418.8       -3.9

 

 Groups 21 - 23: Misc. Goods 2         100.1      97.6       -2.5

 

 

      Store Total 3                    541.4     528.0       -2.5

 

 _____________________________________________________________________

 

 

                          FOOTNOTES TO TABLE

 

 

      1 Absence of a minus sign before the percentage change in this

 

 column signifies a price increase.

 

 

      2 Indexes on a January 1986 = 100 base.

 

 

      3 The store total index covers all departments, including some

 

 not listed separately, except for the following: candy, food,

 

 liquor, tobacco, and contract departments.

 

 

                       END OF FOOTNOTES TO TABLE

 

DRAFTING INFORMATION

 

 

[4] The principal author of this revenue ruling is Michael Burkom at the Office of Associate Chief Counsel (Income Tax and Accounting). For further information regarding this revenue ruling, contact Mr. Burkom at (202) 622-7718 (not a toll-free call).
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