deficiency

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Deficiency

The amount by which a project's cash flow is not adequate to meet debt service.

Deficiency

1. The amount by which cash flow falls short of debt service. For example, if a company has $300,000 in current liabilities and only $250,000 in cash flow for a given year, its deficiency is $50,000.

2. In taxation, the amount by which one's tax liability exceeds what the individual person or organization reported. For example, if the IRS disallows certain deductions that the taxpayer applied, he/she will owe more in taxes than he/she reported on the return. Deficiency is the amount this taxpayer still owes to the IRS.

deficiency

1. The amount by which an individual's or an organization's tax liability as computed by the Internal Revenue Service exceeds the tax liability reported by the taxpayer.
2. The amount by which a firm's liabilities exceed assets.

deficiency

The amount due on a mortgage loan after adding all expenses of foreclosure and accrued interest to the principal balance of the loan and then deducting the sale price or lender-bid price for the property. The balance remaining, if any, may be collected by the lender by means of taking a deficiency judgment, unless prohibited by law or contract. Deficiency judgments may be collected just like any other judgment, through seizure of other assets or garnishment. There are two circumstances when a lender may not collect any deficiency:

1. In states with consumer protection statutes that outlaw deficiencies on first mortgages on a borrower's principal residence.

2. With mortgage loans designated as nonrecourse, meaning the lender and borrower agreed in advance that the property would stand for the debt and there would be no deficiency allowed in the event of foreclosure.

References in periodicals archive ?
Under the present system, accept that deficiencies are likely inevitable.
The Court suggested that nursing homes that don't believe they have deficiencies that endanger the health or welfare of residents should refuse to file a corrective plan, suffer the penalties, and then begin the lengthy process of filing suit against HCFA.
Nevertheless, it may accrue thereafter on pending proposed deficiencies that have been at IRS Appeals or in litigation for some time.
The disagreement over the deductibility of interest on tax deficiencies appears to be at an end.
The eBook explains in easy language what it is to have special kinds of vitamin deficiencies and how they can best be overcome; how can malnutrition effect a person, not only the ones who starve due to shortage of food but also those who suffer from vitamin deficiencies even after taking three complete meals in a day.
Among the 273 coagulation factor deficiency patients, inherited coagulation factor deficiencies including factor VIII deficiency in 121 (44.
The objective of the auditor is to appropriately communicate to those charged with governance and management deficiencies in internal control that the auditor has identified during the audit and that, in the auditor's professional judgment, are of sufficient importance to merit their respective attentions.
The study also demonstrated that women with a thrombophilic deficiency have a high risk of multiple deficiencies.
It is not uncommon for the IRS to propose overpayments in the earlier years and deficiencies in one or more of the later years included in the cycle (or vice versa).
66(c), traditional relief can be granted for deficiencies due to omitted income items, while equitable relief can apply to any deficiency or unpaid tax.
Titled Control Deficiency Report, the analysis is based on 968 internal control deficiencies and 1,000 remediation actions disclosed by 329 companies in their Securities & Exchange Commission (SEC) filings between November 1, 2003, and October 31, 2004.
Such a recipe is of supreme importance since nutrition-related deficiencies are among the most commonly cited nationwide.