Internal Revenue Bulletin: 2007-22
May 29, 2007
Table of Contents
LIFO; price indexes; department stores. The March 2007 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, March 31, 2007.
Revenue rulings obsolete. This ruling obsoletes Rev. Rul. 74-245, 1974-1 C.B. 124, and Rev. Rul. 82-45, 1982-1 C.B. 89, which provide guidance regarding income subject to foreign legal restrictions (also known as blocked income) under section 482. Rev. Ruls. 74-245 and 82-45 obsoleted.
This notice provides guidance relating to the computation of the refueling property credit under section 30C of the Code and the treatment for purposes of the credit of converted and dual-use refueling property. The credit is available for property that is used for the storage or dispensing of alternative fuel into the fuel tank of a motor vehicle at the point where the fuel is delivered into the fuel tank of a vehicle that is propelled by the alternative fuel.
LIFO; price indexes; department stores. The Service will no longer publish the Department Store Inventory Price Indexes prepared by the Bureau of Labor Statistics (BLS) but will continue to accept the BLS Department Store Inventory Price Indexes for use by department stores employing the retail and last-in, first-out (LIFO) inventory methods. Rev. Proc. 86-46 modified.
This procedure updates the Gaming Industry Tip Compliance Agreement (GITCA) Program, Rev. Proc. 2003-35, 2003-1 C.B. 919. This program allows gaming industry employers to work with the Service to create voluntary agreements establishing minimum tip rates for tipped employees in specified occupational categories. Once tip rates are established, the program allows streamlined reporting by employers to the Service with reduced need for oversight. The new procedure enhances the GITCA program to accommodate the technological changes in the gaming industry. Rev. Proc. 2003-35 superseded.
Health Savings Accounts (HSAs) inflation adjustments. This procedure modifies and supersedes section 3.24(1) of Rev. Proc. 2006-53, 2006-48 I.R.B. 996, to reflect amendments made to section 223 of the Code by the Health Opportunity Patient Empowerment Act of 2006. The Act changes the maximum annual contribution to HSAs for taxable years beginning after December 31, 2006. The procedure also provides the inflation adjusted amounts for HSAs for 2008. Rev. Proc. 2006-53, section 3.24(1), modified and superseded.
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