§ 32.4110   Net current deferred nonoperating income taxes.

   (a) This account shall include the balance of income tax expense resulting
   from comprehensive interpreted tax allocation which has been deferred to
   later periods.

   (b) As other 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 4350, Net
   Noncurrent Deferred Nonoperating Income Taxes, to this account.

   (c) This account shall be debited or credited with the amount being credited
   or debited to Account 7400, Nonoperating taxes, in accordance with that
   account's description and § 32.22.

   (d)  This  account  shall also include the balance of the income taxes
   (Federal, state and local) related to current extraordinary items which have
   been deferred to later periods resulting from comprehensive interperiod tax
   allocation.

   (e)  As the extraordinary item which generated the deferred income tax
   becomes current, the appropriate deferred income tax shall be reclassified
   from Account 4350, Net Noncurrent Deferred Nonoperating Income Taxes, to
   this account.

   (f) This account shall be debited or credited with the amount being credited
   and debited to Account 7600, Extraordinary Items.

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

   (h) 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;  67 FR 5689 , Feb. 6, 2002]

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