Internal Revenue Bulletin:  2005-17 

April 25, 2005 

INCOME TAX


Rev. Rul. 2005-26 Rev. Rul. 2005-26

LIFO; price indexes; department stores. The February 2005 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, February 28, 2005.

Rev. Proc. 2005-26 Rev. Proc. 2005-26

In this procedure, the IRS provides guidance relating to section 6501(c)(10) of the Code, which provides for an extended period of limitations to assess any tax with respect to a listed transaction that a taxpayer failed to disclose as required under section 6011. It sets forth procedures that taxpayers and material advisors may follow to disclose previously undisclosed listed transactions for purposes of section 6501(c)(10) and guidance on the date on which the period of limitations will expire if these procedures are followed.


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