exemption

exemption
A privilege, sometimes referred to as a right, granted to a debtor by the grace and favor of the state on the grounds of public policy for a humane and generous purpose, which permits him to retain a portion of his property or earnings free from seizure or sale by his creditors under judicial process. 31 Am J2d Exemp §§ 1, 2. Freedom or release from duty or obligation, such as military service or service on a jury, not granted to others indiscriminately. Maine Water Co. v Waterville, 93 Me 586, 45 A 830; Green v State, 59 Md 123. An allowance of a deduction in computing net income for tax purposes by way of a personal exemption, an old-age exemption, or a blindness exemption. IRC § 151. The person for whom an exemption may be claimed in an income tax return. IRC § 151. See limitation of liability.

Ballentine's law dictionary. . 1998.

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  • exemption — [ ɛgzɑ̃psjɔ̃ ] n. f. • 1411; lat. exemptio → exempt 1 ♦ Dispense (d une charge, d un service commun). Exemption du service militaire (⇒ réforme) . Exemption d impôts, de taxes. ⇒ exonération, franchise. Exemption d obligations. ⇒ décharge.… …   Encyclopédie Universelle

  • exemption — ex·emp·tion /ig zemp shən/ n 1: the act of exempting or state of being exempt 2: one that exempts or is exempted: as a: an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also… …   Law dictionary

  • Exemption — • The whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank, and the placing of the person or body thus released under the control of the authority… …   Catholic encyclopedia

  • Exemption — Ex*emp tion, n. [L. exemptio a removing: cf. F. exemption exemption.] The act of exempting; the state of being exempt; freedom from any charge, burden, evil, etc., to which others are subject; immunity; privilege; as, exemption of certain… …   The Collaborative International Dictionary of English

  • exemption — exemption, immunity are comparable when meaning the act or fact of freeing or the state of being free or freed from something burdensome, disagreeable, or painful. Exemption is more restricted in its meaning, for it applies usually to a release… …   New Dictionary of Synonyms

  • exemption — Exemption, Immunitas. L immunité et exemption qu on a merité par le moyen des services qu on a fait à la republique, Vacatio rerum gestarum. Avoir exemption, Habere immunitatem. Donner exemption d aucune charge, Dare immunitatem alicuius muneris …   Thresor de la langue françoyse

  • exemption — Exemption. s. f. v. (Le P se prononce.) Droit, grace, privilege qui exempte, immunité. Exemption de tailles, de toutes charges publiques. on luy a donné un arrest d exemption, accordé une exemption …   Dictionnaire de l'Académie française

  • exemption — [eg zemp′shən, igzemp′shən] n. [ME exempcioun < OFr exemption < L exemptio] 1. an exempting or being exempted; freedom or release from a liability, obligation, etc.; immunity 2. a) the exempting from an individual s taxable income of a… …   English World dictionary

  • exemption — late 14c., from O.Fr. exemption, exencion or directly from L. exemptionem (nom. exemptio) a taking out, removing, noun of action from pp. stem of eximere (see EXEMPT (Cf. exempt)) …   Etymology dictionary

  • exemption — A state or federal statute which shields certain property from the claims of unsecured creditors (SA Bankruptcy.com) Property that the Bankruptcy Code or applicable state law permits a debtor to keep from creditors. (BankruptcyAction.com)… …   Glossary of Bankruptcy

  • exemption — [n] freedom from a responsibility absolution, discharge, dispensation, exception, exoneration, immunity, impunity, privilege, release; concepts 652,685,691 Ant. account ability, answerability, liability, responsibility …   New thesaurus

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