exemption

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noun ex·emp·tion \ig-ˈzem(p)-shən\

Definition of exemption

  1. 1 :  the act of exempting or state of being exempt :  immunity

  2. 2 :  one that exempts or is exempted; especially :  a source or amount of income exempted from taxation

Examples of exemption in a sentence

  1. They were granted exemptions from military service.

  2. You can claim a tax exemption for each of your dependents.

14th Century

First Known Use of exemption

14th century


EXEMPTION Defined for English Language Learners

exemption

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noun ex·emp·tion \ig-ˈzem(p)-shən\

Definition of exemption for English Language Learners

  • : freedom from being required to do something that others are required to do

  • : a source or amount of income that is not taxed


EXEMPTION Defined for Kids

exemption

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noun ex·emp·tion \ig-ˈzemp-shən\

Definition of exemption for Students

  1. :  freedom from having to do something that other people are required to do


Law Dictionary

exemption

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noun ex·emp·tion \ig-ˈzemp-shən\

Legal Definition of exemption

  1. 1 :  the act of exempting or state of being exempt

  2. 2 :  one that exempts or is exempted: as a :  an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws — see also Internal Revenue Code — compare deduction, exclusion, tax credit dependency exemption \də-ˈpen-dən-sē-\ :  an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) Editor's note: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. personal exemption :  an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b :  the right created by federal and state laws to exempt specified types of property from a bankruptcy estate <precludes the debtor from using the exemptions in the Bankruptcy Code>; also :  a type of property that may be claimed as exempt — see also Bankruptcy Code c :  homestead exemption



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