Legal Definition and Related Resources of Deficiency

Lack of something. in addition to its ordinary meaning, in law the term has the special meaning as denoting that part of a secured obligation which remains after crediting it with net proceeds accruing from sale of security by creditor . See Gentry v Hibbler-Barnes Co., 147 S.E.2d 31, 113 Ga.App.I. In income tax law, the term denotes the amount of tax that is due, computed by ascertaining difference between amount paid by taxpayer and the amount of tax which, under law, is due to the government . See American community Builders Inc. v C.I.R..301 F.2d 7.

Browse or run a search for Deficiency in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Deficiency in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Deficiency in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Deficiency in the Legal Abbreviations and Acronyms Dictionary.

You might be also interested in these legal terms:

Mentioned in these terms

Assessment, Complete, Defect, Deficiency Judgment, Freight, Incompetent, Insanity, Legacy, Scalam, Tales.

United States Tax Concept of Deficiency

The difference between the tax assessed by the IRS and the amount reported on your return. The IRS has the power to assess deficiencies during an audit of your return and it may use a deficiency as a basis for tax underpayment penalties.