exempt income

exempt income

Income that is not subject to income tax. [Cases: Internal Revenue 4045¨C4071; Taxation 1048. C.J.S. Internal Revenue ¡ì¡ì 327, 462¨C474, 670, 798; Taxation ¡ì 1736¨C1737.]
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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.