general average

  • A term used to indicate losses resulting from voluntary sacrifices on the part of the master of a ship for the purpose of preserving the safety of a ship and the remainder of its cargo. Such losses must be borne proportionately by all owners of the ship and cargo.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).