Examples of Tax Deficiency in a sentence
Federal form 870, “Waiver of Restrictions on Assessment and Collection of Defi- ciency in Tax and Acceptance of Overassessment,” or 870−AD, “Offer to Waive Restrictions on Assessment and Collection of Tax Deficiency and to Accept Overassessment,” are the forms pre- scribed for this purpose.
In the case of any Final Determination regarding a Tax Return, any Tax Deficiency shall be paid to the appropriate taxing authority by, and any Tax Refund received from the appropriate taxing authority shall be paid to, the party which filed such Return; provided, however, that whether or not there is a Tax Deficiency or Tax Refund and whether or not a payment is required to or from the appropriate taxing authority, Grace shall make payments to, or receive payments from, Grace-Conn.
Financial ImpactThe property tax, fees and interest amounts that are being recommended for write-off, now totalling $1,654,487.58, will be charged to the 2008 Tax Deficiency Non Program account.
Additionally, the property tax cancellation from May 1, 1996 to 2005 would result in a cancellation of $116,231 in total taxes including interests and penalty, of which the City would be responsible for $91,225, representing the outstanding municipal taxes ($42,103) and interest ($49,122), which would be charged to the City’s Non-Program Tax Deficiency account, and the remaining $25,006, representing the education portion of the levy that would be fully recoverable from the school boards/Province.
The City’s share of approximately $1,594,739.32 will be funded from the 2007 Tax Deficiency Account (Non-Program Budget).