Main Pot

Main Pot
Main Pot n: 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
◇ 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.

Merriam-Webster’s Dictionary of Law. . 1996.

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  • pot — [ po ] n. m. • 1155; lat. pop. °pottus, potus, o. préceltique 1 ♦ Récipient de ménage, destiné surtout à contenir liquides et aliments. Pot de cuivre, d étain; de faïence, de grès, de porcelaine, de terre. « Un de ces charmants pots d argile… …   Encyclopédie Universelle

  • Pot House Hamlet — is a historic former industrial site in Silkstone, South Yorkshire, England.HistoryA glass works was established at Silkstone around 1659 by John Pilmey, who had emigrated from France some years earlier.cite journal |last=Dungworth |first=David… …   Wikipedia

  • pot luck — noun 1. (in the expression take pot luck) what may happen to be in the pot and so be available to make a meal, esp for the unexpected arrival 2. Whatever happens to be available • • • Main Entry: ↑pot * * * pot luck UK US noun [uncountable] a… …   Useful english dictionary

  • pot-de-vin — [ pod(ə)vɛ̃ ] n. m. • 1483; de pot et vin ♦ Somme d argent, cadeau offerts clandestinement pour obtenir illégalement un avantage. ⇒ arrosage, bakchich, dessous de table, enveloppe. Pot de vin perçu par un fonctionnaire. « Je la connais votre… …   Encyclopédie Universelle

  • Pot Hole Quarry — Pot Hole (or Three Springs) Quarry is a former limestone quarry close to Mold, North Wales. The quarry is popular with rock climbers due to its idyllic rural setting, ease of access and reasonably wide selection of routes on good quality… …   Wikipedia

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  • pot-hanger — potˈ hanger noun A device for hanging a pot or a pothook on • • • Main Entry: ↑pot …   Useful english dictionary

  • pot-lid — potˈ lid noun 1. The cover of a pot 2. (Scot patˈ lid) a curling stone played exactly on the tee • • • Main Entry: ↑pot …   Useful english dictionary

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