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Current as of October 02, 2022 | Updated by FindLaw Staff
(a) This account shall include extraordinary items accounted for during the current accounting year in accordance with the text of instruction 1–2(d), upon submission of a letter from the carrier's independent accountants, approving or otherwise commenting on the item and upon approval by the Board.
(b) This account shall be maintained in a manner sufficient to identify the nature and gross amount of each debit and credit.
(c) Income tax consequences of charges and credits to this account shall be recorded in account 590, “Income taxes on extraordinary items,” or account 591, “Provision for deferred taxes—extraordinary items.”
Cite this article: FindLaw.com - Code of Federal Regulations Title 49. Transportation 49 CFR § 1201.570 570 Extraordinary items (net) - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-49-transportation/cfr-sect-49-1201-570/
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