SEPTEMBER BLS PRICE INDEXES ACCEPTED.
Rev. Rul. 98-54; 1998-2 C.B. 630
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Areas/Tax Topics
- Index Termsdepartment store inventories, valuation, BLS statisticsLIFO inventories
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 98-33354 (2 original pages)
- Tax Analysts Electronic Citation98 TNT 220-9
Rev. Rul. 98-54
[1] The following Department Store Inventory Price Indexes for September 1998 were issued by the Bureau of Labor Statistics. The indexes are accepted by the Internal Revenue Service, under section 1.472-1(k) of the Income Tax Regulations and Rev. Proc. 80-46, 1986-2 C.B. 739, for appropriate application to inventories of department stores employing the retail inventory and last-in, first-out inventory methods for tax years ended on, or with reference to, September 30, 1998.
[2] The Department Store Inventory Price Indexes are prepared on a national basis and include (a) 23 major groups of departments, (b) three special combinations of the major groups -- soft goods, durable goods, and miscellaneous goods, and (c) a store total, which covers all departments, including some not listed separately, except for the following: candy, food, liquor, tobacco, and contract departments.
BUREAU OF LABOR STATISTICS, DEPARTMENT STORE
INVENTORY PRICE INDEXES BY DEPARTMENT GROUPS
(January 1941 = 100, unless otherwise noted)
______________________________________________________________________
Percent Change
Sept. Sept. from Sept. 1997
Groups 1997 1998 to Sept. 1998 1
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1. Piece Goods 521.1 542.3 4.1
2. Domestics and
Draperies 646.6 634.0 -1.9
3. Women's and
Children's Shoes 652.0 664.9 2.0
4. Men's Shoes 902.9 915.1 1.4
5. Infants' Wear 623.3 621.4 -0.3
6. Women's Underwear 557.8 569.3 2.1
7. Women's Hosiery 304.3 308.7 1.4
8. Women's and Girls'
Accessories 544.1 545.7 0.3
9. Women's Outerwear
and Girls' Wear 422.2 419.3 -0.7
10. Men's Clothing 620.2 614.9 -0.9
11. Men's Furnishings 603.1 595.5 -1.3
12. Boys' Clothing and
Furnishings 498.7 511.6 2.6
13. Jewelry 1009.5 973.7 -3.5
14. Notions 842.0 754.8 -10.4
15. Toilet Articles and
Drugs 904.6 939.8 3.9
16. Furniture and Bedding 662.7 673.8 1.7
17. Floor Coverings 583.2 602.1 3.2
18. Housewares 816.8 807.8 -1.1
19. Major Appliances 243.4 236.9 -2.7
20. Radio and Television 74.9 71.0 -5.2
21. Recreation and
Education 2 108.9 103.2 -5.2
22. Home Improvements 2 131.7 129.9 -1.4
23. Auto Accessories 2 108.3 107.5 -0.7
Groups 1 - 15:
Soft Goods 606.4 605.4 -0.2
Groups 16 - 20:
Durable Goods 465.3 458.1 -1.5
Groups 21 - 23:
Misc. Goods 2 111.8 107.6 -3.8
Store Total 3 556.7 551.9 -0.9
_____________________________________________________________________
1 Absence of a minus sign before percentage change in this column signifies price increase.
2 Indexes on a January 1986=100 base.
3 The store total index covers all departments, including some not listed separately, except for the following: candy, food, liquor, tobacco, and contract departments.
DRAFTING INFORMATION
[3] The principal author of this revenue ruling is Stan Michaels of the Office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue ruling, contact Mr. Michaels on (202) 622-4970 (not a toll-free call).
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Areas/Tax Topics
- Index Termsdepartment store inventories, valuation, BLS statisticsLIFO inventories
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 98-33354 (2 original pages)
- Tax Analysts Electronic Citation98 TNT 220-9
