Sec. 32.4070  Income taxes--accrued.

    (a) This account shall be credited or charged and the following 
accounts shall be charged or credited with the offsetting amount of 
current year income taxes (Federal, state and local) accrued during the 
period or adjustments to prior accruals:

7220  Operating Federal Income Taxes
7230  Operating State and Local Income Taxes
7420  Nonoperating Federal Income Taxes
7430  Nonoperating State and Local Income Taxes
7630  Current Income Tax Effect of Extraordinary Items--Net

    (b) If significant, current year income taxes paid in advance shall 
be reclassified to Account 1300, Prepaid Taxes.