FCC 32.4340 Revised as of October 1, 2005
Goto Year:2004 |
2006
Sec. 32.4340 Net noncurrent deferred operating income taxes.
(a) This account shall include the balance of income tax expense related to
noncurrent items from regulated operations which have been deferred to later
periods as a result of comprehensive interperiod tax allocation related to
temporary differences that arise from regulated operations.
(b) This account shall be credited or debited, as appropriate, and Account
7250, Provision for Deferred Operating Income Taxes—Net, shall reflect the
offset for the tax effect of revenues and expenses from regulated operations
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 revenues and expenses from regulated operations which have been
included in the determination of book income prior to the inclusion in the
determination of taxable income.
(c) As regulated assets or liabilities which generated the prepaid income
tax or deferred income tax are reclassified from long-term or noncurrent
status to current status, the appropriate deferred income tax shall be
reclassified from this account to Account 4100, Net Current Deferred
Operating Income Taxes.
(d) 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.
(e) 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]
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