### Question
Can you define what current liability means?


### Answer
**Current liability** is defined as the following in *26 U.S.C. § 412*:

> given such term by subsection (*l*)(7) (without regard to subparagraph (D) thereof), and


(II) assets shall not be reduced by any credit balance in the funding standard account.

#### Citation:
  - *26 U.S.C. § 412*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter D-Deferred Compensation, Etc. > PART I-PENSION, PROFIT-SHARING, STOCK BONUS PLANS, ETC. > Subpart B-Special Rules**

