tax exemption

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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.

References in periodicals archive ?
This item discusses some of the state and local tax (SALT) reporting challenges faced by tax-exempt organizations with passthrough (i.
168(h)(1)(A) refers to tax-exempt use property to mean that portion of any tangible property (other than non residential real property) leased to a tax-exempt entity.
Ethical Society of Austin, the state court ruled that the comptroller violated the First Amendment rights of the Ethical Society of Austin when it rejected the group's application for tax-exempt status.
and a lead attorney for the NABL, said that determining a Facility's eligibility for tax-exempt financing by the way solid waste is processed would be a problem because he receives at least one call per week from recycling companies that have found a new way to process material.
In the early 1990s, the IRS began examining tax-exempt bonds in connection with exempt organization (EO) audits of hospitals and universities.
In most cases the decision on the taxability of proceeds will be determined based on whether members of the tax-exempt organization performed personal services.
Another new type of multifamily tax-exempt bond is the no-profit bond, where a project will be owned by a not-for-profit entity under IRC Sec.
Truhe: Going back to what was going on a few years ago during the Congressional hearings, the press reported, for instance, that magazine publishers were questioning the tax-exempt status of National Geographic, wondering why the magazine should have a competitive advantage when they were in the same business and generating the same types of advertising revenue as the entities without tax exemption.
Conclusion: The IRS concluded that Hospital A did not jeopardize its tax-exempt status in this recruitment effort because objective evidence (the U.
Other highlights of the IRS data on tax-exempt interest income could have experienced sharp reductions in their income levels, such as retirees who were formerly in higher tax brackets.
Qualified small issuer must reasonably anticipate that it will not issue more than $10 million of tax-exempt obligations during a calendar year;