Sec. 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 
account.
    (c) This account shall be debited or credited with the amount being 
credited or debited to Account 7450, Provision For Deferred Nonoperating 
Income Taxes--Net, in accordance with that account's description and 
Sec. 32.22 of Subpart B.
    (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 7640, Provision for Deferred Income Tax 
Effect of Extraordinary Items--Net.
    (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]