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Assessment may have one of the following meanings, depending the context of the term:

1. a bookkeeping record of a tax liability in an U.S. Internal Revenue Service (IRS) office. An act of computing the tax due. in other words, the accurate and equitable valuation and classification of property to determine its market value. Former IRC (check if this IRC provision is current here) §6201. 2. the amount of tax or special payment due to a municipality or association.

Description and Definition of Assessment

An assessment is the IRS process of fixing tax liability that starts collection procedures, such as charging interest, imposing penalties, and, if necessary, seizing property.


See Also

Further Reading

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