I understand that the 110V that enters an American household is actually half of a single 220V phase. The 110V is derived from the grounded center tap of a transformer before it enters the home. Is it correct to refer to this 2nd leg as the Neutral? It is definitely not a line...
NEC 2014
Article 100 Definitions.
Neutral Conductor. The conductor connected to the neutral point of a system that is intended to carry current under normal conditions.
Neutral Point. The common point on a wye-connection in a polyphase system or midpoint on a single-phase, 3-wire system, or midpoint of a single-phase portion of a 3-phase delta system, or a midpoint of a 3-wire, direct-current system.
Informational Note: At the neutral point of the system, the vectorial sum of the nominal voltages from all other phases within the system that utilize the neutral, with respect to the neutral point, is zero potential.
A neutral conductor is normally a current carrying grounded conductor in a circuit. In a typical 125V receptacle there are three conductors:
1) ungrounded, hot (any color but white, gray, green, or green/yellow) -- at a nominal voltage above ground, expected to carry current -- typically 125V
2) grounded, neutral (white, gray [or blue in IEC cords]) -- effectively near ground voltage (up a little from ground caused by voltage drop), expected to carry current -- typically 0V
3) grounding, safety ground (bare, green, or green/yellow) -- effectively at ground voltage except under some fault conditions -- typically 0V.