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Deficiency

amount debt taxpayer return

A shortage or insufficiency. The amount by which federal INCOME TAX due exceeds the amount reported by the taxpayer on his or her return; also, the amount owed by a taxpayer who has not filed a return. The outstanding balance of a debt secured by a mortgage after the mortgaged property has been sold to satisfy the obligation at a price less than the debt.

Deficiency Judgment [next]

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