Direct reductions from gross income allowed by the IRS. Bloomberg Financial Dictionary
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exemption UK US /ɪgˈzempʃən/ noun
► [C or U] special permission not to do or pay something: exemption from sth »
Formula One was granted an exemption from a ban on tobacco advertising.
exemption from doing sth »Can the parent company claim exemption from preparing a cash flow statement?
► [C ] US TAX TAX EXEMPTION(Cf. ↑tax exemption)
Financial and business terms. 2012.