Goto Section: 32.7300 | 32.7500 | Table of Contents
FCC 32.7400
Revised as of October 2, 2015
Goto Year:2014 |
2016
§ 32.7400 Nonoperating taxes.
This account shall include taxes arising from activities which are not a
part of the central operations of the entity.
(a) This account shall be charged and Account 4330, Unamortized nonoperating
investment tax credits—net, shall be credited 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 credited and Account 4330 shall be charged with
the amortization of each year's investment tax credits included in such
accounts relating to amortization of previously deferred investment tax
credits of other property or regulated property, the amortization of which
does not serve to reduce costs of service (but the unamortized balance does
reduce rate base) for ratemaking purposes. Such amortization shall be
determined with reference to the period of time used for computing book
depreciation on the property with respect to which the tax credits relate.
(c) This account shall be charged and Account 4070, Income taxes—accrued,
shall be credited for the amount of nonoperating Federal income taxes and
state and local income taxes for the current period. This account shall also
reflect subsequent adjustments to amounts previously charged.
(d) Taxes shall be accrued each month on an estimated basis and adjustments
made as more current data becomes available.
(e) Companies that adopt the flow-through method of accounting for
investment tax credits shall reduce the calculated provision in this account
by the entire amount of the credit realized during the year. Tax credits,
other than investment tax credits, if normalized, shall be recorded
consistent with the accounting for investment tax credits.
(f) No entries shall be made to this account to reflect interperiod tax
allocation.
(g) Taxes (both Federal and state) shall be accrued each month on an
estimated basis and adjustments made as later data becomes available.
(h) This account shall be charged and Account 4080, Other taxes—accrued,
shall be credited for all nonoperating taxes, other than Federal, state and
local income taxes, and payroll related taxes for the current period. Among
the items includable in this account are property, gross receipts, franchise
and capital stock taxes. This account shall also reflect subsequent
adjustments to amounts previously charged.
(i) This account shall be charged or credited, as appropriate, with contra
entries recorded to the following accounts for nonoperating tax expenses
that has been deferred in accordance with § 32.22: 4110 Net Current Deferred
Nonoperating Income Taxes, 4350 Net Noncurrent Deferred Nonoperating Income
Taxes.
(j) Subsidiary record categories shall be maintained to distinguish between
property and nonproperty related deferrals and so that the company may
separately report the amounts contained herein that relate to Federal, state
and local income taxes. Such subsidiary record categories shall be reported
as required by part 43 of this chapter.
[ 67 FR 5699 , Feb. 6, 2002]
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Goto Section: 32.7300 | 32.7500
Goto Year: 2014 |
2016
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