Internal Revenue Bulletin:  2003-34 

August 25, 2003 

Rev. Rul. 2003-100


Table of Contents

LIFO; price indexes; department stores. The June 2003 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, June 30, 2003.

The following Department Store Inventory Price Indexes for June 2003 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, June 30, 2003.

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)
Groups June 2002 June 2003 Percent Change from June 2002 to June 2003¹
1. Piece Goods 494.9 464.3 -6.2
2. Domestics and Draperies 577.6 557.0 -3.6
3. Women's and Children's Shoes 634.3 629.1 -0.8
4. Men's Shoes 905.7 849.5 -6.2
5. Infants' Wear 603.3 588.9 -2.4
6. Women's Underwear 525.1 516.1 -1.7
7. Women's Hosiery 346.5 348.9 0.7
8. Women's and Girls' Accessories 537.2 547.9 2.0
9. Women's Outerwear and Girls' Wear 369.7 362.9 -1.8
10. Men's Clothing 580.7 541.8 -6.7
11. Men's Furnishings 581.7 570.2 -2.0
12. Boys' Clothing and Furnishings 475.7 449.6 -5.5
13. Jewelry 897.0 877.8 -2.1
14. Notions 805.4 791.4 -1.7
15. Toilet Articles and Drugs 981.0 990.0 0.9
16. Furniture and Bedding 626.2 619.0 -1.0
17. Floor Coverings 616.6 586.6 -4.9
18. Housewares 756.2 726.0 -4.0
19. Major Appliances 221.0 214.1 -3.1
20. Radio and Television 49.4 45.4 -8.1
21. Recreation and Education2 86.2 83.1 -3.6
22. Home Improvements2 125.5 125.4 -0.1
23. Auto Accessories2 110.9 111.5 0.5
         
Groups 1-15: Soft Goods 571.9 559.5 -2.2
Groups 16-20: Durable Goods 411.5 395.6 -3.9
Groups 21-23: Misc. Goods2 96.4 94.4 -2.1
       
  Store Total3 512.9 500.1 -2.5
         
1Absence of a minus sign before the percentage change in this column signifies a price increase.
2Indexes on a January 1986 = 100 base.
3The store total index covers all departments, including some not listed separately, except for the following: candy, food, liquor, tobacco and contract departments.

DRAFTING INFORMATION

The principal author of this revenue ruling is Michael Burkom Office of Associate Chief Counsel (Income Tax and Accounting). For further information regarding this revenue ruling, contact Mr. Burkom at (202) 622-7924 (not a toll-free call).


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