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Exempt Income |
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Exempt Income Certain types of income that are not subject to income tax. Notes: Examples of exempt income include: gifts under $10,000, death benefits, health benefits, and some scholarships. See also: Exemption |
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The Trustees have approved in principle a plan to merge Putnam Tax-Free Health Care Fund (NYSE: PMH) into Putnam Tax Exempt Income Fund, an open-end fund also managed by Putnam Investments. The court held that by offsetting or disallowing legitimate deductions where there is no relationship between the disallowed expense and exempt income, California, in effect, indirectly taxed income it could not tax directly. The plans call for the merger of PCA into Putnam California Tax Exempt Income Fund, and PMN into Putnam New York Tax Exempt Income Fund. |
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Exempt Income
