Hmmmm... With all due respect, part of me cant believe what I am hearing from you and Jim. So panel board busing is a conductor? I dont even want to look at 310 and see how many paradoxes would arise
Ill buy the argument that the enclosure of a panel board, may not be service equipment, but to start dissecting the interior....? Besides, no one is suggesting the service entrance conductors terminate on the enclosure, in the MLO case the terminals of the service equipment would be the lugs on the busing. I admit that using a MLO panel board with multiple breakers as disconnecting means has always seemed a little odd to me; when planning to use one, I always do a double take thinking at first its a big code violation. If you follow and agree with my reasoning for the 125% rule and what its purpose is, then what would be the need to upsize the MLO busing?