Sec.  32.4080   Other taxes—accrued.

   (a) This account shall be credited or charged and Account 7240, Operating
   Other Taxes, or 7400, Nonoperating Taxes, or, for payroll related costs, the
   appropriate expense accounts shall be charged or credited for all taxes,
   other than Federal, State and local income taxes, accrued or adjusted for
   previous accruals during the period. Among the taxes includable in this
   account are property, gross receipts, franchise, capital stock, social
   security and unemployment taxes.

   (b) Taxes paid in advance of the period in which they are chargeable to
   income shall be included in the prepaid taxes Account 1280, Prepayments, or
   1410, Other Noncurrent Assets, as appropriate.

   [ 67 FR 5689 , Feb. 6, 2002]