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An accrued liability for real and personal property taxes, whether estimated or definitely known, shall be included among the current liabilities. Where estimates are subject to a substantial measure of uncertainty, the liability shall be described as estimated.
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In condensed income statements appearing in published reports, the amounts of real and personal property taxes, however charged in the accounts, are rarely shown separately. They are frequently combined with other taxes but not with taxes on income.
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While it is sometimes appropriate to capitalize in property accounts the amount of real estate taxes applicable to property that is being developed for use or sale, these taxes are generally regarded as an expense of doing business. They may be accounted for in any of the following ways:
  1. a
    Charged to operating expenses
  2. b
    Shown as a separate deduction from income
  3. c
    Distributed among the several accounts to which they are deemed to apply, such as factory overhead, rent income, and selling or general expenses.
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