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tax exemption
(redirected from tax-exempt)

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Tax Exempt
Describing income or organization that is not subject to taxation. Examples of tax exempt organizations include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.

tax exemption

A reduction in the assessed rate of real property for purposes of calculating ad valorem taxes.Properties used for religious purposes usually have a 100 percent reduction,resulting in no tax liability. Additional exemptions might be granted for other uses, such as for a personal residence,timberland,or conservation land. One must generally apply for exemptions; they are not granted automatically.



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The Internal Revenue Service ORS) released the revised instructions that tax-exempt organizations will need to fill out for the redesigned Form 990, which must be filed starting with tax year 2008 (filed in 2009).
source portfolio income it often has a choice to make: It can do the apparently obvious thing and claim tax-exempt status (and thus an exemption from U.
The IRS began mailing educational letters in July to more than 650,000 small, tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ.
 
 
 
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