Goto Section: 32.4341 | 32.4361 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 32.4350 Net noncurrent deferred nonoperating income taxes.
(a) This account shall include the balance of income tax expense
(Federal, state, and local) that has been deferred to later periods as
a result of comprehensive interperiod allocation related to
(b) This account shall be credited or debited, as appropriate, and
Account 7400, Nonoperating Taxes, shall reflect the offset for the tax
effect of revenues from other operations and extraordinary items and
nonoperating expenses which have been included in the determination of
taxable income, but which will not be included in the determination of
book income or for the tax effect of nonoperating expenses and
extraordinary items and nonoperating income which have been included in
the determination of book income prior to the inclusion in the
determination of taxable income.
(c) As other assets or liabilities which generated the prepaid income
tax or deferred income tax are reclassified from long-term or
non-current status to current status, the appropriate deferred income
tax shall be reclassified from this account to account 4110, Net
Current Deferred Nonoperating Income Taxes.
(d) This account shall also include the balance of the income tax
effect (Federal, State and local) related to noncurrent extraordinary
items which have been included in the determination of taxable income
in a period different from when it is included in the determination of
book income, that is, more than one year.
(e) This account shall be charged or credited with the contra amount
recorded to Account 7600, Extraordinary items, in accordance with
(f) As the extraordinary item which generated the deferred income tax
becomes current, the appropriate deferred income tax shall be
reclassified from this account to Account 4110, Net Current Deferred
Nonoperating Income Taxes.
(g) The classification of deferred income taxes as current or
noncurrent shall follow the classification of the asset or liability
that gave rise to the deferred income tax. If there is no related asset
or liability, classification shall be based on the expected turnaround
of the temporary difference.
(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 5690 , Feb. 6, 2002]
Goto Section: 32.4341 | 32.4361
Goto Year: 2020 |
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