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4 (1995), the Court of Federal Claims held that an overassessment of income taxes was scheduled within the meaning of Sec.
OVERASSESSMENT (1992), www.irs,gov/pub/irs-utl/from870.pdf.
A sales ratio less than 1.0 would suggest the property was underassessed, while a value above 1.0 would suggest overassessment. Virginia's tax code stipulates that assessors must demonstrate accurate assessment with sales ratios above 0.70 or else the state may withhold the locality's share of the state profits from the sale of alcoholic beverages.
454, 462-463 n.5 (1987) (holding federal court may review railroad's allegations of overassessment related to cost of capital and depreciation).
A value greater than 1 indicates a systematic underassessment, and a value less than 1 indicates a systematic overassessment. Estimation results indicate that on average structural improvements are overassessed by about 22%, though this does not imply that the property itself is overassessed (the land may be underassessed).
For taxpayers who have agreed to an overassessment of tax as determined by the IRS, a timely filed Form 870 or Form 890 is considered a valid refund claim.
The three traditional approaches to estimating the market value of real estate can be applied to your corporation's real estate to evaluate whether an overassessment exists.
The resulting cloudy supernatant is contaminated with lipoproteins other than HDL, leading to an overassessment of HDL-C.
Those who argue for this result, notwithstanding the usual rule that credibility is for the jury, should have the burden of demonstrating that the uncertain prospect of jury overassessment is significant enough to warrant exclusion.(250)
Eisenhower ordered liberalization of Veterans Administration (VA) and Federal Housing Administration (FHA) mortgage and modernization regulations, short-term funding by the Treasury, a quickening of domestic procurement, immediate repayment by the Internal Revenue Service (IRS) of overassessment claims prior to adjudication, early decisions on proposed public utility expansion cases, and consultation with the state governors on acceleration of public works projects.(28) At this time, Eisenhower also personally directed Treasury Secretary Humphrey to contact Federal Reserve Chair William McChesney Martin "in order to develop real pressure on the Federal Reserve Board for loosening credit still further."(29)
Furthermore, ignoring the motivational foundation of modern life styles is apt to lead to an overassessment of the significance of differentiation in modern society.
Richard Schwartz, tax counsel and director of government and fiscal affairs for the Business Council of New York State, said "A taxpayer should have the fundamental right of challenging overassessment and inequality, and you cannot do that without the ability to do a sales ratio.