Meaning of exemption

ex•emp•tion

Pronunciation: (ig-zemp'shun), [key]
— n.
  1. the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income.
  2. the act of exempting.
  3. the state of being exempted; immunity.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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