Sec. 32.4320  Unamortized operating investment tax credits--net.

    (a) This account shall be credited and Account 7210, Operating 
Investment Tax Credits--Net, should be debited with investment tax 
credits generated from qualified expenditures related to regulated 
operations which the company defers rather than recognizes currently in 
income.
    (b) This account shall be debited and Account 7210 credited with a 
proportionate amount determined in relation to the period of time used 
for computing book depreciation on the property to which the tax credit 
relates.