Legal Definition of Casualty 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.
to affect and impair by alcohol or a drug
Get Word of the Day daily email!
- On Contractions of Multiple Words
- A Look at Uncommon Onomatopoeia
- Is Singular 'They' a Better Choice?
- Words from Greek and Latin Quiz Take the quiz
- Name That Thing: Animal Edition Take the quiz
- Spell It Take the quiz
- SCRABBLE® Sprint Play the game