Sec. 32.7620  Extraordinary income charges.

    This account shall be debited with nontypical, noncustomary and 
infrequently recurring losses which would significantly distort the 
current year's income computed before such extraordinary items, if 
reported other than as extraordinary items. Income tax relating to the 
amounts recorded in this account shall be recorded in Account 7630, 
Current Income Tax Effect for Extraordinary Items--Net, and Account 
7640, Provision for Deferred Income Tax Effect of Extraordinary Items--
Net.
[ 54 FR 22758 , May 26, 1989]