§ 32.1437 - Deferred tax regulatory asset.

Link to an amendment published at 67 FR 5683, Feb. 6, 2002. This amendment was delayed until Jan. 1, 2003, at 67 FR 20052, Apr. 24, 2002.

(a) This account shall include amounts of probable future revenue for the recovery of future increases in taxes payable. As reversals occur, amounts recorded in this account shall be reduced with a credit entry and a debit entry to Account 4341, Net Deferred Tax Liability Adjustments.

(b) This account shall also be adjusted for the impact of prospective tax rate changes on the deferred tax liability for those temporary differences underlying its existing balance. If the cumulative effect of such adjustments reduce the account to a net credit balance, such balance shall be reclassified to Account 4361.

Effective Date Note:

At 67 FR 5683, Feb. 6, 2002, § 32.1437 was removed, effective Aug. 6, 2002. At 67 FR 20052, Apr. 24, 2002, the effective date was delayed until Jan. 1, 2003.