Sec.  32.4100   Net current deferred operating income taxes.

   (a) This account shall include the balance of income tax expense related to
   current items from regulated operations which have been deferred to later
   periods  as  a  result  of the normalized method of accounting for tax
   differentials authorized by this Commission and not provided for elsewhere.

   (b) As regulated assets or liabilities which generated the deferred income
   tax are reclassified from long-term or noncurrent status to current, the
   appropriate deferred income tax shall be reclassified from Account 4340, Net
   Noncurrent Deferred Operating Income Taxes, to this account.

   (c) This account shall be debited or credited with the amount being debited
   or  credited  to Account 7250, Provision For Deferred Operating Income
   Taxes—Net, in accordance with that account's description and  Sec. 32.22 of
   subpart B.

   (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
   differences.

   (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]