220 CMR, 50, 411
Current through Register 1536, December 6, 2024
This account shall be credited and account 267, Reserve for Deferred Federal Income Taxes - Accelerated Amortization, or account 268, Reserve for Deferred Federal Income Taxes - Liberalized Depreciation, as appropriate, shall be debited with an amount equal to the portion of taxes on income payable for the year that is attributable to a deferral of taxes on income in a prior year, in accordance with the plan of deferred tax accounting provided by the texts of accounts 267 or 268. There shall not be netted against entries required to be made to this account any debit amounts appropriately includible in account 410, Provision for Deferred Federal Income Taxes.
220 CMR, 50, 411