Rev. Rul. 2005-37
Rev. Rul. 2005-37, 2005-26 I.R.B. 1343
                       Internal Revenue Service (I.R.S.)
                                 Revenue Ruling
                     LIFO; PRICE INDEXES; DEPARTMENT STORES
                            Published: June 27, 2005

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

  LIFO; price indexes; department stores. The April 2005 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, April 30, 2005.

  LIFO; price indexes; department stores. The April 2005 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, April 30, 2005.

  The following Department Store Inventory Price Indexes for April 2005 were issued by the Bureau of Labor Statistics. The indexes are accepted by the Internal Revenue Service, under s 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, April 30, 2005.

  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)
                   Groups                 Apr 2004  Apr 2005   Percent Change
                                                                from Apr 2004
                                                               to Apr 20051
-------------------------------------------------------------------------------
1.   Piece Goods ........................... 491.0     469.8               -4.3
2.   Domestics and Draperies ............... 539.7     539.1               -0.1
3.   Women's and Children's Shoes .......... 654.5     679.7                3.9
4.   Men's Shoes ........................... 856.4     876.6                2.4
5.   Infants' Wear ......................... 586.1     582.7               -0.6
6.   Women's Underwear ..................... 493.2     545.2               10.5
7.   Women's Hosiery ....................... 336.2     342.9                2.0
8.   Women's and Girls' Accessories ........ 564.2     599.6                6.3
9.   Women's Outerwear and Girls' Wear ..... 389.2     376.2               -3.3
10.  Men's Clothing ........................ 545.9     565.6                3.6
11.  Men's Furnishings ..................... 592.7     586.6               -1.0
12.  Boys' Clothing and Furnishings ........ 459.4     440.4               -4.1
13.  Jewelry ............................... 893.0     879.9               -1.5
14.  Notions ............................... 799.3     779.0               -2.5
15.  Toilet Articles and Drugs ............. 987.5     994.4                0.7
16.  Furniture and Bedding ................. 618.0     604.2               -2.2
17.  Floor Coverings ....................... 598.8     601.0                0.4
18.  Housewares ............................ 715.3     714.1               -0.2
19.  Major Appliances ...................... 201.8     202.8                0.5
20.  Radio and Television ................... 42.7      39.5               -7.5
21.  Recreation and Education2 ............ 81.2      78.3               -3.6
22.  Home Improvements2 .................. 128.0     136.4                6.6
23.  Automotive Accessories2 ............. 112.1     114.4                2.1

 Rev. Rul. 2005-37, 2005-26 I.R.B. 1343
Internal Revenue Service Revenue Ruling

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