Tax Deficiency definition

Tax Deficiency means an assessment of Taxes, as a result of a Final Determination.

Tax Deficiency or “Deficiency” means any amount of tax, penalty, interest, or other fee that is not reported and/or not paid on or before the date that any return or payment of the tax is required under the terms of this Code.

Tax Deficiency shall include a reduction in any net operating losses.

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.

• The City’s share of approximately $1,594,739.32 will be funded from the 2007 Tax Deficiency Account (Non-Program Budget).

• The $74,010 write-off of municipal taxes, interest and penalty will be funded from the 2007 Non Program Tax Deficiency Account.

More Definitions of Tax Deficiency

Tax Deficiency means a net increase in Taxes payable as a result of a Tax Audit Proceeding or an amendment of a Tax Return or an event having a similar effect.

Tax Deficiency or "Tax Deficiencies" shall mean with respect to previously filed returns an assessment for Taxes as a result of audits by or applications to the Service and other taxing authorities or judicial determination.

Tax Deficiency means a net increase in Taxes payable as a result of a Tax Audit Proceeding or an amendment of a Tax Return or an event having a similar effect. "Tax Indemnification Period" means any Pre-Distribution Taxable Period and that portion, ending on the Closing Date, of any Straddle Period. "Tax Item" means any item of income, gain, loss, deduction, credit, provisions for reserves, recapture of credits or any other item which is taken into account in determining taxable income or is otherwise taken into account in determining Taxes paid or payable, including an adjustment under Section 481 of the Code resulting from a change in accounting method. "Tax Records" has the meaning set forth in Section 6.3. "Tax Refund" means a refund of Taxes (including a reduction in Taxes as a result of any credit or any offset against Taxes or Tax Items) reduced (but not below zero) by any net increase in Taxes Actually Realized by the recipient (or its Affiliate) thereof as a result of the receipt thereof. "Tax Return" means any return, filing, questionnaire, information return or other document required to be filed, including requests for extensions of time, filings made with respect to estimated tax payments, claims for refund and amended returns that may be filed, for any period with any Taxing Authority (whether domestic or foreign) in connection with any Tax or Taxes (whether or not a payment is required to be made with respect to such filing). "Taxing Authority" means any governmental or quasi-governmental body exercising any Taxing authority or Tax regulatory authority. "Timing Difference" means an increase in income, gain or recapture, or a decrease in deduction, loss or credit, as calculated for Income Tax purposes, of the taxpayer for any Post-Tax Indemnification Period coupled with an increase in deduction, loss or credit, or a decrease in income, gain or recapture, of the taxpayer for the Tax Indemnification Period. "Transfer Taxes" means all transfer, documentary, sales, use, registration, value-added and other similar Taxes (including all applicable real estate transfer Taxes and real property transfer gains Taxes) and related amounts (including any penalties, interest and additions to Tax) arising as a result of or otherwise incurred in connection with any of the transactions contemplated by the Merger Agreement or the Ancillary Agreements. ARTICLE II

Tax Deficiency means any amount of tax that is not reported in such manner as the Finance Director may prescribe or not paid on or before the due date.

Tax Deficiency means any amount of tax that is not reported or not paid on or before the due date.

Tax Deficiency has the meaning given to such term in Section 3.21(c).

Tax Deficiency is defined in Section 3.1(q)(i)(G).