Legal Definition and Related Resources of Deficiency
Meaning 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.
Related Entries of Deficiency in the Encyclopedia of Law Project
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Deficiency in Historical Law
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Legal Abbreviations and Acronyms
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Related Legal Terms
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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.