Code of Federal Regulations Title 49. Transportation 49 CFR § 1201.786 786 Accumulated deferred income tax credits

(a) This account shall be credited with the noncurrent portions of deferred income tax debits and credits when the balance is a net credit, as determined by Instruction 1–10. A net debit balance shall be included in account 744, “Accumulated deferred income tax debits”.

(b) This account shall be credited with the amount of investment tax credits utilized in the current year for income tax purposes but deferred for accounting purposes (see Instruction 1–10).

(c) This account shall be concurrently debited with amounts credited to account 557, “Provision for deferred taxes,” representing amortization of amounts for investment tax credits deferred in prior accounting periods.

(d) This account shall be maintained in such a manner as to show separately:

Note A:  For definitions of income tax terminology see Definition 17. Account 557, “Provision for deferred taxes”, and account 591, “Provision for deferred taxes—Extraordinary item,” shall concurrently be charged (credited) with the net effect of material timing effects. Other related deferred income tax balance sheet accounts are:

Account 714, “Deferred income tax debit.”

Account 744, “Accumulated deferred income tax debits.”

Account 762, “Deferred income tax credits.”