Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

main pot

Read a random definition: Subrogation

A quick definition of main pot:

Term: Main Pot

Definition: Main pot is a way to figure out how much tax someone owes by comparing all the money they made and lost. It's like putting all the money in a big pot and seeing if there's more or less than what was put in. This helps determine if there was a gain or loss. Another name for it is big pot, hotchpot, or hodgepodge. It's different from casualty pot, which is used to figure out how much someone lost due to an accident or disaster.

A more thorough explanation:

Definition: The main pot is a term used in tax evaluation to determine whether a net gain or loss has occurred by comparing qualified transactions. It is also known as big pot, hotchpot, or hodgepodge. This process is governed by IRC (26 USCA) § 1231.

Example: Let's say a person sells two properties in a year. Property A was sold for a profit of $50,000, and Property B was sold for a loss of $20,000. In this case, the main pot would be calculated by subtracting the loss from the profit, resulting in a net gain of $30,000.

The example illustrates how the main pot is used to determine the tax liability of an individual by comparing the gains and losses from qualified transactions.

mainpernor | mainprise

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
LSD+ is ad-free, with DMs, discounts, case briefs & more.