Definition
A direct reduction taken from taxable income for a specific reason, as allowed by the IRS.
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'exemption' appears in these other terms:
personal exemption, over-55 home sale exemption, triple exemption
'exemption' appears in the definitions of these other terms on BusinessDictionary.com: taxation principles, patient-litigant exception, tax abatement, alternative minimum tax (AMT), tax expenditure, and 
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