§ 32.7220   Operating Federal income taxes.

   (a) This account shall be charged and Account 4070, Income Taxes-Accrued,
   shall be credited for the amount of Federal Income Taxes for the current
   period. This account shall also reflect subsequent adjustments to amounts
   previously charged.

   (b) Taxes should be accrued each month on an estimated basis and adjustments
   made as later data becomes available.

   (c) Tax credits, other than investment tax credits, if normalized, shall be
   recorded consistent with the accounting for investment tax credits and shall
   be amortized to income as directed by this Commission.

   (d) No entries shall be made to this account to reflect interperiod tax
   allocations.

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