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Casualty Pot |
: a step in calculating tax liability under Internal Revenue Code section 1231 in which qualified casualty gains and losses are added together to determine if the result is a net loss or net gain
compare main pot
Property that qualifies for inclusion in the Casualty Pot consists of casualties of depreciable and real property used in a trade or business for more than one year and capital assets held for more than one year in connection with a trade or business or transaction made for profit. If the net result of the calculation is a loss, then the ordinary rules for gains and losses apply to the casualties. If the net result is a gain, the entire amount passes into the Main Pot.
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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collateral estoppel
estoppel by judgment barring the relitigation of issues litigated by the same parties on a different cause of action
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