Mutual exclusion doctrine


 

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Mutual exclusion doctrine

The doctrine that ruled that municipal bond interest is federal tax-free. In return for this federal tax exemption, states and localities cannot tax interest generated by federal government securities.



Mutual exclusion doctrine

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Annual exclusion

Annual exclusion

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These are events, instances or possessions which are not covered by your household or other insurance policy. This can be confusing as the main policy may seem to imply that such events, instances or possessions are covered only to excluded in the small print of the policy. Moral: Read the small print.


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A clause in an insurance policy which specifies items or conditions not covered.In the US, an item which is excluded from taxation such as contributions to an individual retirement account.


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