Contra Revenue for Taxes - Corporate
Definition
This account is used to record the amount reflecting a reduction in revenue for corporate taxes when realization is not expected, as defined in Federal Financial Accounting Standards Advisory Board (FASAB) Statement of Federal Financial Accounting Standards (SFFAS) No. 7, "Accounting for Revenue and Other Financing Sources," and reported by initial collectors or Federal custodians (for example, the Internal Revenue Service (IRS)). Initial collectors should record the Federal/Non-Federal Code attribute domain value "N."
Source: Section II ·
p1sec2-acctdef-2026.pdf
Required attributes & legal values
12For each attribute this account reports, these are the only domain values GTAS will accept for this account (Section IV).
Begin/End
BulkFile attribute
E
Debit/Credit
BulkFile attribute
D
C
Cust/Noncust
BulkFile attribute
A
S
Exch/Nonexch
BulkFile attribute
T
Fed/Nonfed
BulkFile attribute
G
N
Trading Partner
BulkFile attribute
###
Trading Partner Main
BulkFile attribute
####
Fund Type
TAS attribute
CF
DF
EC
EG
EM
EP
ER
ES
ET
GA
TR
UG
US
UT
Reporting Type Code
TAS attribute
E
F
U
Financing Account Code
TAS attribute
D
G
N
TAS Status
TAS attribute
U
E
Trans Code
TAS attribute
X
K
N
Transactions
4
D402
To record an allowance for a reduction in exchange revenue due to noncredit losses such as returns, allowances, and price redeterminations when realization is not probable (less likely than not that revenue will be realized.)
Debit · Proprietary entry D424 To record in a General Fund Receipt Account, the accrued estimated uncollectible non-exchange revenue and exchange revenue with virtually no cost reported on the Statement of Custodial Activity or on the custodial footnote.
Debit · Proprietary entry D438 To record a refund of trust or special fund receipts that was received in a current year.
Debit · Proprietary entry F336 To record the closing of revenue, expense, and other financing source accounts to cumulative results of operations.
Credit · Proprietary entry
Debit · Proprietary entry D424 To record in a General Fund Receipt Account, the accrued estimated uncollectible non-exchange revenue and exchange revenue with virtually no cost reported on the Statement of Custodial Activity or on the custodial footnote.
Debit · Proprietary entry D438 To record a refund of trust or special fund receipts that was received in a current year.
Debit · Proprietary entry F336 To record the closing of revenue, expense, and other financing source accounts to cumulative results of operations.
Credit · Proprietary entry
Statement crosswalks
6
V
Balance Sheet · line 42.1
Cumulative results of operations - Funds from Dedicated Collections (Note 21) V Balance Sheet · line 42.2
Cumulative results of operations - Funds from other than Dedicated Collections V Statement of Changes in Net Position · line 15
Nonexchange revenue (Note 35) V Statement of Custodial Activity · line 9
Accrual Adjustments (+/-) VI Reclassified Statement of Operations & Changes in Net Position · line 5.2
Corporation income taxes (for use by Treasury only) VI Reclassified Statement of Operations & Changes in Net Position · line 6.6
Other taxes and receipts (RC 45) - Footnote 1
Cumulative results of operations - Funds from Dedicated Collections (Note 21) V Balance Sheet · line 42.2
Cumulative results of operations - Funds from other than Dedicated Collections V Statement of Changes in Net Position · line 15
Nonexchange revenue (Note 35) V Statement of Custodial Activity · line 9
Accrual Adjustments (+/-) VI Reclassified Statement of Operations & Changes in Net Position · line 5.2
Corporation income taxes (for use by Treasury only) VI Reclassified Statement of Operations & Changes in Net Position · line 6.6
Other taxes and receipts (RC 45) - Footnote 1