UPDATE: Extraordinary Items are no longer reported for U.S. GAAP. Also, they are not reported for IFRS. You may see Extraordinary Items in older financial statements.
This video explains the concept of Intraperiod Tax Allocation in Financial Accounting. Intraperiod Tax Allocation refers to the process of presenting certain Income Statement items net of tax. An example is provided to illustrate how Discontinued Operations would be presented net of tax.