Goto Section: 32.7210 | 32.7230 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 32.7220 Operating Federal income taxes.
(a) This account shall be charged and Account 4070, Income
Taxes-Accrued, shall be credited for the amount of Federal Income Taxes
for the current period. This account shall also reflect subsequent
adjustments to amounts previously charged.
(b) Taxes should be accrued each month on an estimated basis and
adjustments made as later data becomes available.
(c) Tax credits, other than investment tax credits, if normalized,
shall be recorded consistent with the accounting for investment tax
credits and shall be amortized to income as directed by this
(d) No entries shall be made to this account to reflect interperiod tax
Goto Section: 32.7210 | 32.7230
Goto Year: 2020 |
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