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.

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).