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LSDefine

Simple English definitions for legal terms

exemption

Read a random definition: legem amittere

A quick definition of exemption:

Exemption: Exemption means you don't have to do something or pay something that others have to. For example, you might be exempt from paying taxes on certain things or exempt from being drafted into the military. In some cases, you might be allowed to keep certain things even if you owe money or are going through bankruptcy. In tax law, exemption means you can take a certain amount of money off your income before you have to pay taxes on it.

A more thorough explanation:

Exemption is a legal term that means you are immune or exempt from certain duties or requirements. For example, you might be exempt from paying taxes on a certain type of income or from serving in the military.

One example of an exemption is a debtor's exemption. This is a privilege that allows someone who owes money to keep certain property from being taken away to pay off their debt. For instance, if someone owes money to a creditor, they might be able to keep their car or their house if those things are considered exempt.

In tax law, an exemption is an amount of money that you can deduct from your income before you calculate how much tax you owe. For example, if you make $50,000 a year and you have a $5,000 exemption, you would only have to pay taxes on $45,000 of your income.

Overall, an exemption is a way to give people a break from certain legal requirements or obligations. It can help protect their property, reduce their tax burden, or give them other benefits.

exempt property | exemption trust

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Dkk
19:36
Stay off reddit. It will do this to your brain:
19:37
google contracted with reddit to train their ai how people talk. lol the 'ai future' is going to be full of search results FED REDDIT POSTS. unplug the internet now! https://www.reuters.com/technology/reddit-ai-content-licensing-deal-with-google-sources-say-2024-02-22/
Google AI is actually pretty cool though. Only when its actually accurate though.
19:40
by pretty cool, do you mean smug pseudo intelect?
Dkk
19:40
THE INTERNET WAS A MISTAKE. END IT NOW.
Dkk
19:40
Google AI kept telling me schools were not binding ED when they were. Really annoyed me.
Dkk
19:41
Yeah, when accurate it is nice.
this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
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