Rev. Rul. 84-96

1984-2 C.B. 100, 1984-26 I.R.B. 9.

                       Internal Revenue Service
                                 Revenue Ruling

                    LIFO;  PRICE INDEXES;  DEPARTMENT STORES

                            Published: July 2, 1984

Section 472. - -Last-In, First-Out Inventories, 26 CFR 1.472-1: Last-in, first- out inventories.

  LIFO;  price indexes;  department stores.  The March 1984 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods of valuing inventories for tax years ended on, or with reference to, March 31, 1984.

  Price indexes for March 1984 were issued by the Bureau of Labor Statistics on April 25, 1984, for use by department stores and are accepted by the Internal Revenue Service, under section 1.472-1(k) of the Income Tax Regulations and Rev. Proc. 72-21, 1972-1 C.B. 745, 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, March 31, 1984.

  Indexes are prepared on a national basis for the store total, for 20 major groups of departments, and for two special combinations--soft and durable goods.  The store total index covers all departments, including some not listed separately, with the following exceptions:  candy, foods, liquor, tobacco, paints, and wallpaper, as well as contract departments.

Rev. Rul. 84-96, 1984-2 C.B. 100, 1984-26 I.R.B. 9.