Internal Revenue Bulletin: 2004-52
December 27, 2004
LIFO; price indexes; department stores. The October 2004 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, October 31, 2004.
Final regulations under section 6081 of the Code provide an automatic extension of time to file certain information returns and exempt organization returns by removing the requirement for a signature and an explanation of the need for the extension. In addition, these regulations remove the requirement for a signature to obtain an automatic extension of time to file a corporation income tax return. T.D. 9061 removed.
This procedure allocates the national limitation of $400 million for year 2005 for Qualified Zone Academy Bonds (QZABs) among the States (“States” includes the District of Columbia and possessions of the U.S. (American Samoa, Northern Marianas, Puerto Rico, Guam, and the Virgin Islands)). The procedure implements the amendments to section 1397E(e)(1) of the Code made by section 304 of the Working Families Tax Relief Act of 2004, which extended the authority to issue QZABs in the amount of $400 million each for years 2004 and 2005.
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