While I agree with the ideas posted so far I think the NEC says you do not need to count the grounded conductor as a current carrying conductor for the purpose of derating in this instance. The text of the code reads:

310.15 (B)(4)(a)
A Neutral conductor that carries only the unbalanced current from other conductors of the same circuit shall not be required to be counted when applying the provisions of 310.15(B)(2)(a)

I interpret this to read:
"One hot and one neutral count as 1 CCC when applying 310.15(B)(2)(a)"

A multi-wire circuit would require counting the grounded conductor according to 310.15(B)(4)(b&c)

Have I missed the boat? What do you guys think?

[This message has been edited by Local (edited 09-18-2005).]