Internal Revenue Bulletin:  2005-5 

January 31, 2005 

INCOME TAX


Rev. Rul. 2005-5 Rev. Rul. 2005-5

LIFO; price indexes; department stores. The November 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, November 30, 2004.

Notice 2005-6 Notice 2005-6

This notice announces that the Treasury Department and the Service will issue regulations providing that certain exchanges described in section 354 of the Code by a U.S. person involving securities of a foreign or domestic corporation will not be subject to section 367(a).


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