Definition from Nolo’s Plain-English Law Dictionary
1) In tax, a difference found by the IRS between a taxpayers reported tax liability and the amount of tax the IRS says that the taxpayer should have reported. 2) In lending, the remaining balance of the debt after the security for the loan has been sold following repossession or foreclosure.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:14 pm