§  32.4080   Other taxes--accrued.

   (a) This account shall be credited or charged and Account 7240,
   Operating Other Taxes, or 7400, Nonoperating Taxes, or, for payroll
   related costs, the appropriate expense accounts shall be charged or
   credited for all taxes, other than Federal, State and local income
   taxes, accrued or adjusted for previous accruals during the period.
   Among the taxes includable in this account are property, gross
   receipts, franchise, capital stock, social security and unemployment
   taxes.

   (b) Taxes paid in advance of the period in which they are chargeable to
   income shall be included in the prepaid taxes Account 1280,
   Prepayments, or 1410, Other Noncurrent Assets, as appropriate.

   [ 67 FR 5689 , Feb. 6, 2002]