§  32.4340   Net noncurrent deferred operating income taxes.

   (a) This account shall include the balance of income tax expense
   related to noncurrent items from regulated operations which have been
   deferred to later periods as a result of comprehensive interperiod tax
   allocation related to temporary differences that arise from regulated
   operations.

   (b) This account shall be credited or debited, as appropriate, and
   Account 7250, Provision for Deferred Operating Income Taxes—Net, shall
   reflect the offset for the tax effect of revenues and expenses from
   regulated operations which have been included in the determination of
   taxable income, but which will not be included in the determination of
   book income or for the tax effect of revenues and expenses from
   regulated operations which have been included in the determination of
   book income prior to the inclusion in the determination of taxable
   income.

   (c) As regulated assets or liabilities which generated the prepaid
   income tax or deferred income tax are reclassified from long-term or
   noncurrent status to current status, the appropriate deferred income
   tax shall be reclassified from this account to Account 4100, Net
   Current Deferred Operating Income Taxes.

   (d) The classification of deferred income taxes as current or
   noncurrent shall follow the classification of the asset or liability
   that gave rise to the deferred income tax. If there is no related asset
   or liability, classification shall be based on the expected turnaround
   of the temporary difference.

   (e) 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]

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