Today, the IRS issued Rev. Proc. 2016-48, which provides guidance for issues related to certain provisions extended by the Protecting Americans From Tax Hikes Act of 2015 (PATH Act), enacted in December 2015. The covered provisions include: (i) the extension of the section 179(f) election to expense certain qualified real property used in an active trade or business; (ii) the extension of bonus depreciation under section 168(k); and (iii) an election under section 168(k)(4) to increase the AMT credit limitation under section 53(c) in lieu of bonus depreciation. The guidance includes procedures for making certain elections and filing amended returns.