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102 Inspector:
In my opinion your first post implied that you made measurements to neutral.
You have close to an open circuit in the one hot supply wire that reads a lower voltage to neutral or ground.
My first guess is an underground conductor has failed and finally showed up with heavy rain last week, but why 240 volt with no load and then change. Any thoughts?
Others have confirmed your judgement.
My guess is that the main breaker in your garage sub-panel, when in its off state, has enough shunt capacitance to ground, or capacitance to load (capacitance can be also read as meaning leakage resistance) to load down the high series impedance in your supply wire, and thus produce a lower voltage than expected at the main panel when the supply line is connected to the open breaker.
If you are using a 10 megohm input impedance meter and it reads close to 120 V with no breaker, then my estimate is that the the source impedance in the supply wire is less than about 100k to 500k.
With the breaker open, but connected, and assuming 100k source impedance to get 75 V would require a load of about 160k. The capacitance would have to be large compared with what I might expect for an open breaker to ground. More likely leakage resistance. But leakage R should not be that low.
Connect an ammeter in series with a 100 W incandescent bulb, and place this series combination between the weak leg and neutral, also try to a screwdriver to earth instead of neutral.
A 100 W bulb is about 10 ohms with no current flow at room temperature. This increases to about 150 ohms with 120 V applied.
The 100 W bulb will provide some protection for your meter.
If the leakage is very small the bulb will remain at about 10 ohms. Change your ammeter range until you get a useful reading. Now you can estimate the impedance of the break in the hot supply wire. This can be very variable, and there might times when the ammeter is pinned.
To look at leakage within the breaker looking toward the open breaker input you could again use the 100 W bulb and ammeter, but use the good 120 V as your test source voltage.
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