Goto Section: 32.4341 | 32.4361 | Table of Contents
FCC 32.4350
Revised as of October 2, 2015
Goto Year:2014 |
2016
§ 32.4350 Net noncurrent deferred nonoperating income taxes.
(a) This account shall include the balance of income tax expense (Federal,
state, and local) that has been deferred to later periods as a result of
comprehensive interperiod allocation related to nonoperating differences.
(b) This account shall be credited or debited, as appropriate, and Account
7400, Nonoperating Taxes, shall reflect the offset for the tax effect of
revenues from other operations and extraordinary items and nonoperating
expenses which have been included in the determination of taxable income,
but which will not be included in the determination of book income or for
the tax effect of nonoperating expenses and extraordinary items and
nonoperating income which have been included in the determination of book
income prior to the inclusion in the determination of taxable income.
(c) As other assets or liabilities which generated the prepaid income tax or
deferred income tax are reclassified from long-term or non-current status to
current status, the appropriate deferred income tax shall be reclassified
from this account to account 4110, Net Current Deferred Nonoperating Income
Taxes.
(d) This account shall also include the balance of the income tax effect
(Federal, State and local) related to noncurrent extraordinary items which
have been included in the determination of taxable income in a period
different from when it is included in the determination of book income, that
is, more than one year.
(e) This account shall be charged or credited with the contra amount
recorded to Account 7600, Extraordinary items, in accordance with § 32.22.
(f) As the extraordinary item which generated the deferred income tax
becomes current, the appropriate deferred income tax shall be reclassified
from this account to Account 4110, Net Current Deferred Nonoperating Income
Taxes.
(g) 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
difference.
(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 5690 , Feb. 6, 2002]
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Goto Section: 32.4341 | 32.4361
Goto Year: 2014 |
2016
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