less than 1 minute read

Deficiency

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.

Additional topics

Law Library - American Law and Legal InformationFree Legal Encyclopedia: Deed of covenant to Direct Tax