Casualty Pot - Law Dictionary Search Results
Home Dictionary Name: casualty potCasualty 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. ...
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. ...
casualty
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 ...
Joint pattedars and pot pattedars
Joint pattedars and pot pattedars, where a parti-cular survey number is split into several sub-numbers and each plot is assessed separately to a part of the revenue on the former number, the persons made liable to pay the separated amount are the 'pot pattedars' One 'pot' pattedar is not jointly responsible with the other for the payment of the revenue of the other 'pot' numbers, and his position is different from that of joint pattedars, where each is liable for the payment of the entire amount assessed on a particular survey number, Govind Rao v. Erbhadrappa, AIR 1956 Hyd 50....
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. ...
Pot
A metallic or earthen vessel appropriated to any of a great variety of uses as for boiling meat or vegetables for holding liquids for plants etc as a quart pot a flower pot a bean pot...
Big Pot
Big Pot : main pot ...
Monkey pot
The fruit of two South American trees Lecythis Ollaria and Lecythis Zabucajo which have for their fruit large pot shaped woody capsules containing delicious nuts and opening almost explosively by a circular lid at the top Vases and pots are made of this capsule...
casualty gain
casualty gain see gain ...
casualty loss
casualty loss see loss ...
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