Goto Section: 32.4100 | 32.4130 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 32.4110 Net current deferred nonoperating income taxes.
(a) This account shall include the balance of income tax expense
resulting from comprehensive interpreted tax allocation which has been
deferred to later periods.
(b) As other assets or liabilities which generated the deferred income
tax are reclassified from long-term or noncurrent status to current,
the appropriate deferred income tax shall be reclassified from Account
4350, Net Noncurrent Deferred Nonoperating Income Taxes, to this
(c) This account shall be debited or credited with the amount being
credited or debited to Account 7400, Nonoperating taxes, in accordance
with that account's description and § 32.22.
(d) This account shall also include the balance of the income taxes
(Federal, state and local) related to current extraordinary items which
have been deferred to later periods resulting from comprehensive
interperiod tax allocation.
(e) As the extraordinary item which generated the deferred income tax
becomes current, the appropriate deferred income tax shall be
reclassified from Account 4350, Net Noncurrent Deferred Nonoperating
Income Taxes, to this account.
(f) This account shall be debited or credited with the amount being
credited and debited to Account 7600, Extraordinary Items.
(g) The classification of deferred income taxes as current or
noncurrent shall follow the classification of the asset or liability
that gave rise to deferred income tax. If there is no related asset or
liability, classification shall be based on the expected turnaround of
the temporary differences.
(h) Subsidiary record categories shall be maintained in order that the
company may separately report the amounts contained herein that are
property related and those that are nonproperty related. Such
subsidiary record categories shall be reported as required by part 43
of this Commission's Rules and Regulations.
[ 51 FR 43499 , Dec. 2, 1986, as amended at 59 FR 9419 , Feb. 28, 1994; 67 FR 5689 , Feb. 6, 2002]
Goto Section: 32.4100 | 32.4130
Goto Year: 2020 |
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