Casualty

Casualty Pot

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 NOTE: 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. ...

casualty pl: -ties 1 : an unfortunate occurrence ;esp : a serious and often disastrous accident [conversion of property…arising from fire, storm, shipwreck, or other "Internal Revenue Code"] 2 : something lost, stolen, damaged, or destroyed see also casualty gain at gain casualty loss at loss ...

unavoidable casualty

unavoidable casualty : unavoidable accident ;also : an unavoidable circumstance that prevents the timely performance of a procedural act (as the filing of an answer) by a party or the party's lawyer compare excusable neglect NOTE: As with excusable neglect, showing evidence of unavoidable casualty will relieve a party from a default judgment or a time limit. ...

casualty gain

casualty gain see gain ...

casualty loss

casualty loss see loss ...

casualty protection

casualty protection property insurance that covers any damage to the home and personal property either inside or outside the home. Source: U.S. Department of Housing and Urban Development ...

Casualty of wards

Casualty of wards, the mails and duties due to the superior in ward-holdings....

Main Pot

Main Pot : 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 called also Big Pot Hodge Podge hotchpot; compare casualty pot NOTE: 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. ...

excusable neglect

excusable neglect : the failure of a party to follow a required procedure in a timely fashion that results from a circumstance (as an accident) which is considered by the court to be sufficient reason to excuse that party compare unavoidable casualty NOTE: Excusable neglect allows a party to seek relief from a default judgment, to file late, or to be granted a deadline extension. ...

gain

gain 1 : an increase in value, capital, or amount compare loss capital gain : a gain realized on the sale or exchange of a capital asset (as a stock or real estate) ca·su·al·ty gain : a gain realized by an insured because property insurance benefits paid for a loss from a casualty or theft are greater than the adjusted value of the insured asset long-term capital gain : a capital gain realized on the sale or exchange of an asset held for more than a specified period (as a year) ordinary gain : a gain from the exchange or sale of an asset that is not capital short-term capital gain : a capital gain realized on the sale or exchange of an asset held for less than a specified period (as a year) that is treated as ordinary income under federal income tax laws 2 pl in the civil law of Louisiana : a class of community property that reflects the increase in property value contributed by the common skill or labor of the spouses gain vb ...

Casualty - Law Dictionary Search Results