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
@
- 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.
@ deficiency suits
In mortgage law, action to recover difference between debt and amount realized on foreclosure.
See also deficiency judgment
@

Black's law dictionary. . 1990.

Synonyms:

Look at other dictionaries:

  • deficiency — de·fi·cien·cy /di fi shən sē/ n pl cies: an amount that is lacking or inadequate: as a: the difference between the amount of tax owed and the amount of tax paid b: the difference between the amount owed under a security agreement and the amount… …   Law dictionary

  • Deficiency — De*fi cien*cy, n.; pl. {Deficiencies}. [See {Deficient}.] The state of being deficient; inadequacy; want; failure; imperfection; shortcoming; defect. A deficiency of blood. Arbuthnot. [1913 Webster] [Marlborough] was so miserably ignorant, that… …   The Collaborative International Dictionary of English

  • deficiency — deficiency. См. дефишиенси. (Источник: «Англо русский толковый словарь генетических терминов». Арефьев В.А., Лисовенко Л.А., Москва: Изд во ВНИРО, 1995 г.) …   Молекулярная биология и генетика. Толковый словарь.

  • deficiency — 1630s, from deficience (mid 15c.) + CY (Cf. cy); or from L.L. deficientia, from deficientem (see DEFICIENT (Cf. deficient)) …   Etymology dictionary

  • deficiency — *imperfection, shortcoming, fault Analogous words: *lack, want, dearth, defect: flaw, *blemish: *failure, neglect, default, miscarriage, dereliction Antonyms: excess …   New Dictionary of Synonyms

  • deficiency — [n] imperfection, inadequacy absence, bug*, dearth, defalcation, default, defect, deficit, demerit, dereliction, failing, failure, fault, flaw, frailty, glitch*, inability to hack it*, insufficience, insufficiency, lack, loss, need, neglect,… …   New thesaurus

  • deficiency — ► NOUN (pl. deficiencies) 1) a lack or shortage. 2) a failing or shortcoming …   English terms dictionary

  • deficiency — [dē fish′ən sē, difish′ən sē] n. [ME deficience < LL deficientia < L deficiens, prp. of deficere to lack, fail < de , from + facere, to DO1] 1. the quality or state of being deficient; absence of something essential; incompleteness 2. pl …   English World dictionary

  • 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… …   Black's law dictionary

  • deficiency — The amount by which a project s cash flow is not adequate to meet debt service. Bloomberg Financial Dictionary * * * deficiency UK US /dɪˈfɪʃənsi/ noun [C] (plural deficiencies) ► [C] a situation in which something is not as good as it should be …   Financial and business terms

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