These example sentences are selected automatically from various online news sources to reflect current usage of the word 'exemption.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
: an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code)
Note:
Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24.
—personal exemption
: an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return
b: the right created by federal and state laws to exempt specified types of property from a bankruptcy estate
precludes the debtor from using the exemptions in the Bankruptcy Codealso: a type of property that may be claimed as exempt — see also Bankruptcy Code