§ 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 adjustments--net.

   (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 section.

   (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 § 32.22(e)(2).

   [ 59 FR 9419 , Feb. 28, 1994, as amended at  67 FR 5690 , Feb. 6, 2002]

   return arrow Back to Top