Updated: N-2016-31 Beginning of Construction for Sections 45 and 48

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May 18, 2016

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Issue Number: N-2016-31

Inside This Issue

Notice 2016-31 updates prior IRS guidance to address the PATH Act extension and modification of IRC sections 45 and 48. Notice 2016-31 was previously released by the Service on May 5, 2016. This second release reflects 3 revisions made to the Notice: (1) to modify the deadline for the Continuity Safe Harbor in section 3, (2) to correct a math error in the example in section 6.02(1), and (3) to insert language regarding the effective date of the publication in section 7.

Notice 2016-31 will be in IRB 2016-23, dated June 6, 2016.

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