FCC 32.4341 Revised as of October 1, 2006
Goto Year:2005 |
Sec. 32.4341 Net deferred tax liability adjustments.
(a) This account shall include the portion of deferred income tax charges
and credits pertaining to Account 32.4361, Deferred tax regulatory
(b) This account shall be used to record adjustments to the accumulated
deferred tax liabilities recorded in Accounts 4100 and 4340 for:
(1) Tax effects of temporary differences accounted for under the
flow-through method or treated as permanent differences.
(2) Reclassification attributable to changes in tax rates (Federal, state
and local). As tax rates increase or decrease, the offsetting debit or
credit will be recorded in Account 4361 as required by paragraph (a) of this
(3) The tax effects of carryforward net operating losses and carryforward
investment tax credits expected to reduce future taxes payable that are
reported in published financial statements.
(4) Reversals of the tax effects of carryforward net operating losses and
carryforward investment tax credits previously recorded in this account at
the time they become recognized as reductions in current taxable income and
current taxes payable on tax returns.
(c) This account shall be exempt from the vintage year detail record
requirements of Sec. 32.22(e)(2).
[ 59 FR 9419 , Feb. 28, 1994, as amended at 67 FR 5690 , Feb. 6, 2002]
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