main pot
- A method used in Internal Revenue Code section 1231 to establish tax liability by offsetting all relevant transactions to see whether the end result is a deficit or profit
- The accountant used the main pot method under Internal Revenue Code section 1231 to calculate the company's tax liability.
- With the application of main pot, all our transactions were netted to determine whether we had a loss or gain.
- Main pot helps in providing a clearer picture of the tax liability by netting all qualifying transactions.
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