§  32.4100   Net current deferred operating income taxes.

   (a) This account shall include the balance of income tax expense
   related to current items from regulated operations which have been
   deferred to later periods as a result of the normalized method of
   accounting for tax differentials authorized by this Commission and not
   provided for elsewhere.

   (b) As regulated 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 4340, Net Noncurrent Deferred Operating Income Taxes, to this
   account.

   (c) This account shall be debited or credited with the amount being
   debited or credited to Account 7250, Provision For Deferred Operating
   Income Taxes—Net, in accordance with that account's description and
   § 32.22 of subpart B.

   (d) 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 differences.

   (e) 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]