deficiency

A lack, shortage, or insufficiency. The amount by which the tax properly due exceeds the sum of the amount of tax shown on a taxpayer's return plus amounts previously assessed or collected as a deficiency, less any credits, refunds or other payments due the taxpayer; i.e., the amount a taxpayer is deficient in his tax payments.

See deficiency assessment, deficiency notice.

That part of a debt secured by mortgage not realized from sale of mortgaged property. A judgment or decree for the amount of such deficiency is called a "deficiency judgment" or "deficiency decree."

@ deficiency assessment

In taxation, the excess of the amount of tax computed by the Internal Revenue Service over the amount computed by the taxpayer. I.R.C. No. 6211 et seq.

See also deficiency

- deficiency notice

- jeopardy assessment

@ deficiency bill

In parliamentary practice, an appropriation bill covering items of expense omitted from the general appropriation bill or bills, or for which insufficient appropriations were made. If intended to cover a variety of such items, it is commonly called a "general deficiency bill"; if intended to make provision for expenses which must be met immediately, or which cannot wait the ordinary course of the general appropriation bills, it is called an "urgent deficiency bill."

@ deficiency dividends

See dividend

@

- deficiency judgment

@ deficiency notice

Notice of tax deficiency (90-day letter) which is mailed to taxpayer by I.R.S. and which is prerequisite to jurisdiction of Tax Court. I.R.C. No. 6212.

See also ninety day letter

@ deficiency suits

In mortgage law, action to recover difference between debt and amount realized on foreclosure.

See also deficiency judgment

@