7 CFR 1767.24

§ 1767.24 Extraordinary items.

United States · 7 CFR — Agriculture · Status: effective

Cite this

Citation: 7 CFR 1767.24, § 1767.24 Extraordinary items, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/27837
Permanent ID: ys:prov:27837@1
SHA-256: 227c77fa47938f4b54513d7e2538930ec6c6fe88f286808fd8a6741815ed4fb1

The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.

Full text

The extraordinary items accounts identified in this section shall be used by all RUS borrowers. This account shall be credited with nontypical, noncustomary, infrequently recurring gains which would significantly distort the current year's income computed before extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 409.3, Income Taxes, Extraordinary Items. (See § 1767.15 (g).) This account shall be debited with nontypical, noncustomary, infrequently recurring losses which would significantly distort the current year's income computed before extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 409.3, Income Taxes, Extraordinary Items. (See § 1767.15 (f).) This account shall include the cumulative effect on margins of prior periods as a result of a change in accounting principle from one that is no longer generally accepted to one that is generally accepted.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.