casualty pot

Definition of "casualty pot"
  1. A method employed in estimating the tax liability according to section 1231 of the Internal Revenue Code, where qualified casualty profits and deficits are combined to find out if the outcome is a net gain or a net loss
How to use "casualty pot" in a sentence
  1. The casualty pot proved beneficial when assessing her tax liability.
  2. To find the net result, he used the casualty pot to add together all the qualified gains and losses.
  3. The accountant used the casualty pot method to determine the tax liability from all the property damaged in the earthquake.

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