Internal Revenue Service
Revenue Ruling
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smThe following Department Store Inventory Price Indexes for November 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, November 30, 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, foods, 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
from
Nov.
Nov. Nov. 1999 to
Groups
1999 2000 Nov. 2000 /1/
_____________________________________________________________________
1. Piece Goods
514.3 499.6 -2.9
2. Domestics and Draperies
622.0 610.2 -1.9
3. Women's and Children's Shoes 651.4 664.0
1.9
4. Men's Shoes
875.1 911.2
4.1
5. Infants' Wear
647.6 648.0
0.1
6. Women's Underwear
571.9 577.3
0.9
7. Women's Hosiery
328.9 347.0
5.5
8. Women's and Girls' Accessories 539.6 555.4
2.9
9. Women's Outerwear and Girls'
Wear 410.3 402.0 -2.0
10. Men's Clothing 617.4 598.8 -3.0
11. Men's Furnishings
627.6 639.2
1.8
12. Boys' Clothing and Furnishings 510.2 501.3 -1.7
13. Jewelry
950.5 936.0 -1.5
14. Notions
764.6 798.0
4.4
15. Toilet Articles and Drugs
983.6 973.8 -1.0
16. Furniture and Bedding
689.7 696.6
1.0
17. Floor Coverings
602.1 625.6
3.9
18. Housewares 789.3 775.6 -1.7
19. Major Appliances 235.5 227.9 -3.2
20. Radio and Television
63.5 57.5 -9.4
21. Recreation and Education /2/ 96.1
92.3 -4.0
22. Home Improvements /2/
129.2 129.2
0.0
23. Auto Accessories /2/ 107.6 107.6
0.0
Groups 1 - 15: Soft Goods 606.9 604.6 -0.4
Groups 16 - 20: Durable Goods
446.9 435.6 -2.5
Groups 21 - 23: Misc. Goods /2/ 102.7 100.1 -2.5
Store Total /3/ 547.2 541.4 -1.1
_____________________________________________________________________
/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, foods,
liquor, tobacco, and contract departments.
DRAFTING INFORMATION
The principal author of this revenue ruling is Richard C. Farley, Jr. of the Office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue ruling contact Mr. Farley on (202) 622-4970 (not a toll-free call).