47 CFR 32.7220
§ 32.7220 Operating Federal income taxes.
United States · 47 CFR — Telecommunication · Status: effective
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- Citation
- 47 CFR 32.7220, § 32.7220 Operating Federal income taxes, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/235406
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Full text
(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 Commission.
(d) No entries shall be made to this account to reflect interperiod tax allocations.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.