Tax-Exempt Income

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Tax-exempt income

Dividends and interest not subject to federal and, in some cases, state and local income taxes.

Tax-Exempt Income

Income that is not subject to taxation. Additionally, certain income an individual or corporation derives may be tax exempt, even though the individual or corporation would owe taxes otherwise. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.

Tax-Exempt Income

Income that by law is not subject to income tax.
References in periodicals archive ?
Examples of tax exempt income to be declared are proceeds of life insurance policy, return of premium retirement benefits, pensions and gratuities, and "personal/real properties received through gifts, bequests and devises.
A B Total 70% Owner 30% Owner Year 3: Opening Basis 89,200 62,440 26,760 Taxable Income 37,000 32,105 4,895 Tax Exempt Income 500,000 433,850 66,150 Ending Basis 626,200 528,395 97,805
In summary, the Company remains committed to executing its business plan and generating steady, predictable distributions of predominantly tax exempt income to its investors.
BOSTON -- Putnam Investments announced that Putnam Tax-Free Health Care Fund (NYSE: PMH) and the open-end Putnam Tax Exempt Income Fund completed their previously announced merger in a closing held today.
The fund is merging into Putnam Tax Exempt Income Fund on September 14, 2007.
BOSTON -- Putnam Investments announced that shareholders of Putnam Tax-Free Health Care Fund (NYSE: PMH), at a special meeting today, approved the merger of the fund into Putnam Tax Exempt Income Fund, an open-end fund also managed by Putnam Investments.
BOSTON -- Putnam Investments announced today that Putnam New York Investment Grade Municipal Trust (AMEX: PMN) and the open-end Putnam New York Tax Exempt Income Fund completed their previously announced merger in a closing held today.
BOSTON -- Putnam Investments announced today that the pricing for closing the merger of Putnam New York Investment Grade Municipal Trust (AMEX: PMN) into the open-end Putnam New York Tax Exempt Income Fund is expected to occur as of Friday, June 22, 2007, following a meeting of PMN's shareholders to consider approval of the terms of the transaction.
BOSTON -- Putnam Investments and the Board of Trustees of the Putnam Funds announced today that the Board of Trustees has formally approved the merger of Putnam New York Investment Grade Municipal Trust (AMEX: PMN) into the open-end Putnam New York Tax Exempt Income Fund and the merger of Putnam Tax-Free Health Care Fund (NYSE: PMH) into the open-end Putnam Tax Exempt Income Fund.
The Trust believes that the offer gives PCA's shareholders a more realistic opportunity to realize nearly 100% of their net asset value, per share, contrary to the PCA's trustees' proposal to merge PCA into Putnam California Tax Exempt Income Fund.
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.