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Directory Results for Revenue Ruling 2004-47 - Section 265(a)(2); expenses and interest relating to taxexempt income. This ruling deals with the application of section 265 of the Code to affiliated corporate groups when one member of the group borrows from to Revenue Ruling 2004-48 - Section 472.SLast-in, First-out Inventories. LIFO; price indexes; department stores. The March 2004 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory