My bookmarksSign up free

CA 466 Section 98

Definition of deficiency.

Section 98

SEC. 98. Definition of deficiency. — As used in this Chapter, the term "deficiency" means: (a) The amount by which the taxes imposed by this Chapter exceed the amount shown as the taxes by the executor, administrator or any of the heirs upon his return but the amount so shown on the return shall first be increased by the amounts previously assessed (or collected without assessment) as a deficiency and decreased by the amounts previously abated, refunded, or otherwise repaid in respect of such taxes; or (b) If no amount is shown as the taxes by the executor, administrator or any of the heirs upon his return or if no return is made by the executor, administrator, or any heir, then the amount by which the taxes exceed the amounts previously assessed (or collected without assessment) as a deficiency; but such amounts previously assessed, or collected without assessment, shall first be decreased by the amounts previously abated, refunded, or otherwise repaid in respect of such taxes.

Read the full instrument → · Open the chapter this section belongs to: CHAPTER I - Estate and Inheritance Taxes →

Source: Official Gazette of the Republic of the Philippines — Philippine laws are public documents (works of the government).

What to look at next