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Exemption |
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ExemptionDirect reductions from gross income allowed by the IRS.ExemptionAn allowable expense subtracted from gross income to reduce income tax liability. An exemption can be classified as either personal or dependency and these are further subdivided into exemptions for:individual taxpayerselderly and disabled taxpayersdependent children and other dependants more than half of whose support is providedtotal or partial blindnessa taxpayer's spouseSimilar MatchesPersonal exemptionPersonal exemptionAmount of money a taxpayer can exclude from personal income for each member of the household in calculation of a tax obligation. Small issues exemptionSmall issues exemptionSecurities issues that involve less than $1.5 million are not required to file a registration statement with the SEC. Instead, they are governed by Regulation A, for which only a brief offering statement is needed. Personal exemptionPersonal exemptionIn the US, the amount a person may subtract from personal income when computing federal and state income tax. Industrial Tax ExemptionIndustrial Tax ExemptionAn exemption from local property taxes granted to encourage industries to come into an area. Has been used successfully in the South. Usually granted for a definite period. Annual exemptionAnnual exemptionEach taxpaying individual in the UK is entitled to an annual exemption of £7,900 on capital gains for the current tax year. This means that they can make this level of gains (on for instance share sales) without paying capital gains tax.For exemptions relating to inheritance tax, see 'inheritance tax'. |
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