§  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 7400, Nonoperating taxes, in accordance
   with that account's description and §  32.22.

   (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 7600, Extraordinary Items.

   (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;  67 FR 5689 , Feb. 6, 2002]

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