INCOME TAX

Rev. Rul. 2008–49, page 811. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for October 2008.

REG–140029–07, page 828. Proposed regulations under section 170 of the Code provide guidance concerning the substantiation and reporting requirements for cash and noncash charitable contributions. The regulations generally revise existing regulations to implement changes to the substantiation and reporting rules made by the American Jobs Creation Act of 2004 and the Pension Protection Act of 2006.

REG–149404–07, page 839. Proposed regulations under section 45D of the Code provide clarification of the redemption rules, the partnership redemption safe harbor, and the breadth of the reasonable expectations test. The regulations also revise and clarify certain rules relating to recapture of the new markets tax credit under section 45D. A public hearing is scheduled for December 12, 2008.

Notice 2008–77, page 814. This notice informs trustees and middlemen of widely held fixed investment trusts (WHFITs) that the Service will not assert penalties under regulations section 1.671–5(m) with respect to calendar year 2008. The notice also informs trustees and middlemen of widely held mortgage trusts (WHMTs) that, pending future published guidance, certain modifications of mortgages held by a WHMT that has entered into a guarantee arrange