IRS Revenue Ruling
2002-37

 Code Sec. 472



<<FULL TEXT>>

26 CFR 1.472-1: Last-in, first-out inventories.

LIFO; price indexes; department stores. The April 2002 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, 2002.


REV. RUL. 2002-37

The following Department Store Inventory Price Indexes for April 2002
were issued by the Bureau of Labor Statistics. The indexes are accepted by
the Internal Revenue Service, under section 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, April 30, 2002.

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
Apr. Apr. Apr. 2001 to
Groups 2001 2002 Apr. 2002 <1>
------ ---- ---- -------------
1. Piece Goods 497.9 488.7 -1.8
2. Domestics and Draperies 606.5 597.7 -1.5
3. Women's and Children's Shoes 657.4 652.6 -0.7
4. Men's Shoes 895.3 902.7 0.8
5. Infants' Wear 626.8 622.2 -0.7
6. Women's Underwear 565.5 554.0 -2.0
7. Women's Hosiery 344.8 356.0 3.2
8. Women's and Girls' Accessories 557.3 565.6 1.5
9. Women's Outerwear and Girls' Wear 414.5 395.0 -4.7
10. Men's Clothing 591.8 600.2 1.4
11. Men's Furnishings 618.7 604.4 -2.3
12. Boys' Clothing and Furnishings 485.0 504.2 4.0
13. Jewelry 938.6 905.6 -3.5
14. Notions 793.4 794.8 0.2
15. Toilet Articles and Drugs 991.0 974.7 -1.6
16. Furniture and Bedding 650.3 627.7 -3.5
17. Floor Coverings 626.8 618.7 -1.3
18. Housewares 773.8 756.6 -2.2
19. Major Appliances 224.8 222.6 -1.0
20. Radio and Television 55.2 50.8 -8.0
21. Recreation and Education <2> 90.3 87.2 -3.4
22. Home Improvements <2> 127.0 125.8 -0.9
23. Auto Accessories <2> 109.0 110.8 1.7

Groups 1-15: Soft Goods 603.2 591.9 -1.9
Groups 16-20: Durable Goods 426.5 413.9 -3.0
Groups 21-23: Misc. Goods <2> 98.9 97.1 -1.8

Store Total <3> 537.5 526.3 -2.1

-----------
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 RULING>>

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