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 classic literature ?
None of them were especially comely but the Prince, yet all were hearty, happy-looking lads, and Rose decided that boys were not as dreadful as she had expected to find them.
"Aye, lads, it was that," said a deep voice from behind Alleyne's shoulder.
At last he fell into so great despair that he thought he would put an end to his own life, and for this purpose laid hold of the sword that she had given him by the hands of the fair-haired lad; but on drawing it from its sheath he noticed that there was some writing on one side of the blade.
Still smiling, the lad crossed the room and stood before the Russ.
An we would help this lad, we have no time to go thither and back before his true love will be married.
At a sign from Geoffrey, the servant and the lad waited in the room to hear what she had to say.
As the years went on, two little lads of her own came to increase her happiness--Rob, named for Grandpa, and Teddy, a happy-go-lucky baby, who seemed to have inherited his papa's sunshiny temper as well as his mother's lively spirit.
The lad considered his answer while wiping his sword with a small lace kerchief.
The lad departed, and Durbeyfield lay waiting on the grass and daisies in the evening sun.
"Well, see here: you dinnae want the lad back; well, what do ye want done with him, and how much will ye pay?"
"Nay, my lad, my lad, thee wouldstna go away an' break thy mother's heart, an' leave thy feyther to ruin.
At this moment, the door opened and a young lad with rough brown hair came into the room.