§ 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]

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