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This account shall be debited with the monthly accruals for all income taxes which are estimated to be payable and which are applicable to ordinary income (see instruction 1-12). See the texts of account 695, Income Taxes on Extraordinary Items, account 710, Other Credits to Retained Income, and account 720, Other Debits to Retained Income, for recording other income tax consequences. This account shall include the total revenues included in the operating revenue accounts for the calendar year. This account shall include charges for the depreciation and amortization of transportation property. Charges for the amortization of fixed term intangibles relating to common carrier operations shall also be included herein.
This account shall include revenues on the basis of tariff charges for the storage of oil; also demurrage charges incident to failure of consignees to receive shipments promptly. Profits and losses on sales of allowance oil from inventory or operating supply shall be included in this account. This account shall include revenues on the basis of tariff charges for trunk line transportation of crude oil, oil products or other commodities. This account shall include revenues on the basis of tariff charges for the gathering or collection of crude oil, oil products and other commodities.
A courtesy allowance is a reduction in charges granted as a courtesy to certain individuals, such as physicians or clergy. These allowances themselves are not costs since the costs of the services rendered are already included in the contracted provider’s costs. For a newly-formed business, startup costs should be accumulated up to the time the business begins (that is, when services are delivered to the first client/customer). Amortization of startup costs for a newly-formed business begins the month the business begins. Organization costs are those costs directly incident to the creation of a corporation or other form of business necessary to provide contracted services. These costs are intangible assets in that they represent expenditures for rights and privileges which have a value to the business enterprise.
Capital Expenditures are those expenditures which extend the useful life of the asset, increase the productivity of the asset, or enhance the quality of the product. Expenditures meeting any of these conditions usually benefit the current and future periods CARES Act and therefore capitalized and allocated over a number of periods they benefit. The asset received is RECORDED at the fair value of the asset given up (or the FV of the asset received if “more clearly evident”)whenever gains and losses are recognized.
To the extent practicable, adjustments shall be made directly to the same accounts to which such material and supplies were charged during the period. Differences that cannot be directly allocated shall be equitably apportioned among the accounts to which material was charged since the last inventory. Where the purchase price is in excess of amounts recorded for the net assets acquired, such excess shall be included in account 40, Organization Costs and Other Intangibles. When the total par value or stated value of no-par capital stock of the succeeding corporation is greater than that of the constituent corporations, the excess shall be charged first to the amount in account 73, Additional Paid-in Capital, that is not otherwise restricted, and the Balance to account 75, Unappropriated Retained Income. The value of contributions or property received from others including governmental agencies shall not be recorded in the property accounts; however, memorandum entries should be made in the records of the carrier describing the property received, the value thereof, and all other pertinent information related thereto. If a line is relocated in the same gathering field serving the same lease or purpose, all of the relocating expenses whether or not a unit of property is involved shall be charged to maintenance expense, provided that the same size pipe is used in such relocation.
Assuming no additions, replacements, or extraordinary repairs, the book value of a long-lived asset declines over time. Extraordinary repairs, replacements, and additions are added to the appropriate asset accounts rather than being recorded as expenses. A charity allowance is a reduction in normal charges due to the indigence of the client or resident.
To record advances of Federal funds to nonassociated organizations for authorized rural economic development projects. To record advances of Federal funds to associated organizations for authorized rural economic development projects. To record the interest earned on the investment of rural economic development loan funds. As a result of this redemption, the borrower may incur a gain or a loss on the early extinguishment of debt. Interest expense accrued on the pollution control bonds during the construction period shall be capitalized in Account 107, Construction Work-in-Progress. After construction is complete, all subsequent accruals of interest expense shall be charged to Account 427, Interest on Long-Term Debt.
The first installation cost, as well as all incidental costs necessary to prepare the equipment for use, shall be capitalized with the material upon purchase. All subsequent costs of removing, resetting, changing, renewing oil, and repairing constitute operations and maintenance expenses. The capitalized cost of special equipment items, including the first installation, shall be removed from the electric plant accounts only when the items are abandoned or retired from the system.
Jay flatly contended the money was a gift while Ann stated the issue was “debatable.” She felt a “moral obligation” to repay the money to her deceased father’s estate. Ann did not establish any legal obligation to repay the money, and thus, when the trial court ordered her to repay “whatever loans she deems outstanding to her father” it did not abuse its discretion. Ann also argues the trial court abused its discretion when it ordered that ” is to be responsible for repaying whatever loans she deems to be outstanding to her father.” She contends the $10,000 her father gave her and Jay is a marital debt. The court ordered that each party is responsible for any debts owed to their respective parents that were incurred before the date of separation and “pecifically is to be responsible for repaying whatever loans she deems to be outstanding to her father.” On the other hand, Jay testified the money from Ann’s father was a gift even though he signed certain loan documents. He explained Ann’s father put the money in the form of a loan only because at the time, Britain had a prohibition on sending money out of the country unless it was a loan. Jay further testified he made deposits into Ann’s father’s bank account, not as repayment for the loan, but for the express purpose of allowing Ann’s father to have some money for his next visit to the United States.
Under the amendment, the IRS does not need to resolve factual questions of how much support each parent provided as it did under the former section. The IRS bookkeeping is now only concerned with which parent is the custodial parent and whether he has signed a written declaration that he will not claim the exemption.
However, in special circumstances where equity so dictates, additional costs may be allowed to the extent agreed upon before costs are incurred. Care should be exercised to avoid duplication through allowance as contingencies, additional profit or fee, or in other contracts. Late premium payment charges related to employee deferred compensation plan insurance incurred pursuant to Section 4007 (29 U.S.C.1307) or Section 4023 (29 U.S.C.1323) of the Employee Retirement Income Security Act of1974 are unallowable. Bid and proposal (B&P) costs means the costs incurred in preparing, submitting, and supporting bids and proposals on potential Government or non-Government contracts. The term does not include the costs of effort sponsored by a grant or cooperative agreement, or required in the performance of a contract.
If a judicial proceeding is necessary to compel compliance with the provisions of this subsection, the prevailing party shall be entitled to an award of attorney’s fees and costs. Financial Accounting Standards Board Technical Bulletin 85-4, Accounting for Purchase of Life Insurance (Bulletin 85-4), states that the amount that could be realized under an insurance contract as of the date of the financial statements should be reported as an asset. The change in the cash surrender or contract value of that asset during the period should be reported as an adjustment to the premiums paid in determining the expense or income to be recognized for the period. The cooperative shall, therefore, record the cash the primary difference between ordinary and extraordinary repairs is that extraordinary repairs surrender value of the policy as an asset because of its absolute right to receive that value based upon the employee’s collateral assignment. Any receivable that may occur as a result of the employee reimbursement for the premiums paid is contingent upon the employee electing to maintain the insurance coverage after termination of employment or reaching the age of 62 and is not recorded as an asset on the cooperative’s records. An employer participating in a multiemployer plan shall recognize as net pension cost, the required contribution for the period and shall recognize as a liability, any contributions due and unpaid. The required contribution includes both current costs and prior service costs.
To record the deferral of the cumulative effect of implementing Statement No. 112 in accordance with the provisions of Statement No. 71. Statement No. 112 is effective for fiscal years beginning after December 15, 1993. To record the deferral of the transition obligation under the provisions of Statement No. 71. For plans outside the United States and for defined benefit plans of employers that are nonpublic enterprises and sponsor defined benefit postretirement plans with no more than 500 plan participants in the aggregate, Statement No. 106 is effective for fiscal years beginning after December 15, 1994.
If the patrons are not located, the amounts set aside and the credits to their accounts shall be handled in a manner similar to those for whom payment checks are returned. The function of the equipment is the primary factor in determining the account in which the equipment shall be recorded. The components of the radio-based automatic meter reading system shall be recorded in Account 370, Meters. The cost of the meter reader encoding device and retrofitting the meter with the meter reader unit shall be capitalized to the cost of the existing meter. Any associated operating expenses shall be charged to Account 586, Meter Expenses, with maintenance expenses charged to Account 597, Maintenance of Meters. The components of the Turtle automatic meter reading system shall be recorded in Account 370, Meters. When establishing continuing property records for a building where there is no detailed breakdown of contract costs, it is necessary to estimate the cost of the each component part.
A general statement in the decedent’s will or revocable trust waiving all rights of reimbursement or recovery under the Internal Revenue Code is not an express waiver of the rights of recovery provided in s. The decedent’s bookkeeping will and revocable trust if the estate is a beneficiary of the revocable trust or if the revocable trust is a beneficiary of the estate. Except as provided in paragraph , this paragraph applies separately for each trust.
This account shall include the cost of renting property used in the operations and maintenance of carrier transportation service, such as complete pipeline or segment thereof, office space, land and buildings, and other equipment and facilities. This account shall include asset retirement costs on plans included in carrier property. This account shall include the cost of obtaining rights of way used in pipeline operations.
For generation and transmission borrowers, the investments should be shown on Form 12, in Section C, Balance Sheet, on Line 7, Investments in Subsidiary Companies, or Line 9, Investments in Associated Organizations – Other – General Funds, as appropriate. The result of operations should be shown in Section A, Statement of Operations, on line 30, Income from Equity Investments. Separate continuing property records shall be established for the meters, either fitted or retrofitted with the device; the handheld computer; and the upload software. The meters and handheld computer shall be depreciated over the manufacturer’s estimated useful service life. The upload software shall be depreciated over the estimated useful service life of the program not to exceed 5 years. The technical literature and other information provided by the manufacturer indicates that this system can only be used for remote meter reading, outage detection, power failure counts, and phase identification.
