Goto Section: 32.7410 | 32.7430 | Table of Contents

FCC 32.7420
Revised as of
Goto Year:1996 | 1998
Sec. 32.7420  Nonoperating Federal income taxes.

    (a) This account shall be charged and Account 4070, Income Taxes--
Accrued, shall be credited for the amount of nonoperating Federal income 
taxes for the current period. This account shall also reflect subsequent 
adjustments to amounts previously charged.
    (b) Taxes shall be accrued each month on an estimated basis and 
adjustments made as later data becomes available.
    (c) Companies that adopt the flow-through method of accounting for 
investment tax credits shall reduce the calculated provision in this 
account by the entire amount of the credit realized during the year. Tax 
credits, other than investment tax credits, if normalized, shall be 
recorded consistent with the accounting for investment tax credits.
    (d) No entries shall be made to this account to reflect interperiod 
tax allocation.


Goto Section: 32.7410 | 32.7430

Goto Year: 1996 | 1998
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