Main Pot

Definition - Noun
: a step in calculating tax liability under Internal Revenue Code section 1231 in which all qualified transactions are netted to determine if the result is a loss or gain
compare casualty pot
The transactions netted in the Main Pot are as follows: casualties in the Casualty Pot if they have netted a gain; sales, exchanges, or condemnations of depreciable or real property used in a business for more than one year; and condemnations of capital assets held for more than one year in connection with a trade or business or transaction entered into for profit. If the net result is a gain, then the transactions are treated as long-term capital gains and losses.



Search Legal Dictionary


Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.
http://www.m-w.com		 Merriam-Webster

best evidence rule

a rule of evidence: in order to prove what is said or pictured in a writing, recording, or photograph the original must be provided unless the original is lost, destroyed, or otherwise unobtainable


Terms & Conditions   Privacy   Copyright © 2008 LexisNexis, a division of Reed Elsevier Inc. All rights reserved.