§ 32.4330   Unamortized nonoperating investment tax credits—net.

   (a) This account shall be credited and Account 7400, Nonoperating Taxes,
   shall  be debited with investment tax credits generated from qualified
   expenditures related to other operations which the company has elected to
   defer rather than recognize currently in income.

   (b)  This  account  shall  be debited and Account 7400 credited with a
   proportionate amount determined in relation to the useful book life of the
   property to which the tax credit relates.

   [ 67 FR 5690 , Feb. 6, 2002]

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