Proposed regulations under section 7477 of the Code provide rules for determining whether a donor may petition the Tax Court for a declaratory judgment with respect to the value of a gift, for gift tax purposes, where the gift does not generate any current gift tax liability. A public hearing is scheduled for October 16, 2008.

Proposed regulations under section 274(i) of the Code provide guidance relating to qualified nonpersonal use vehicles. The regulations also add clearly marked public safety officer vehicles as a new type of qualified nonpersonal use vehicle.