Internal Revenue Service
Revenue Ruling
TaxLinks.com
smThe March 2000 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, 2000.
The following Department Store Inventory Price Indexes for March 2000 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. 86-46, 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, March 31, 2000.
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)
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Percent Change
from Mar. 1999
Mar. Mar. to Mar. 2000
Groups 1999 2000 [fn1]
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1. Piece Goods 555.8 511.5 -8.0
2. Domestics and Draperies 619.9 614.4 -0.9
3. Women's and Children's Shoes 651.0 638.9 -1.9
4. Men's Shoes 887.6 902.4 1.7
5. Infants' Wear 617.2 649.8 5.3
6. Women's Underwear 577.4 582.7 0.9
7. Women's Hosiery 321.4 337.5 5.0
8. Women's and Girls' Accessories 557.4 548.1 -1.7
9. Women's Outerwear and Girls' Wear 408.4 409.5 0.3
10. Men's Clothing 623.1 626.2 0.5
11. Men's Furnishings 611.1 623.2 2.0
12. Boys' Clothing and Furnishings 488.6 498.1 1.9
13. Jewelry 977.8 965.3 -1.3
14. Notions 785.7 746.6 -5.0
15. Toilet Articles and Drugs 957.3 968.0 1.1
16. Furniture and Bedding 690.9 693.1 0.3
17. Floor Coverings 602.4 606.8 0.7
18. Housewares 803.5 787.4 -2.0
19. Major Appliances 233.9 235.7 0.8
20. Radio and Television 67.9 61.0 -10.2
21. Recreation and Education [fn2] 99.9 94.8 -5.1
22. Home Improvements [fn2] 128.5 128.0 -0.4
23. Auto Accessories [fn2] 107.4 107.6 0.2
Groups 1 - 15: Soft Goods 603.6 606.3 0.4
Groups 16 - 20: Durable Goods 454.6 444.3 -2.3
Groups 21 - 23: Misc. Goods [fn2] 105.1 101.7 -3.2
Store Total [fn3] 548.5 545.5 -0.5
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[fn1] Absence of a minus sign before the percentage change in this
column signifies a price increase.
[fn2] Indexes on a January 1986=100 base.
[fn3] The store total index covers all departments, including some
not listed separately, except for the following: candy, food, liquor,
tobacco, and contract departments.
The principal author of this revenue ruling is Alan J. Tomsic of the Office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue ruling, contact Mr. Tomsic on (202) 622-4970 (not a toll-free call).