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LSDefine

Simple English definitions for legal terms

income exclusion

Read a random definition: vades

A quick definition of income exclusion:

Income exclusion refers to a type of income that is not included in the total amount of income for tax purposes. This means that the excluded income is not subject to taxation. There are different types of income exclusions, such as the annual exclusion for gift income and exclusions for certain types of insurance coverage. Exclusions may also refer to items that are not allowed as evidence in a trial.

A more thorough explanation:

Definition: Income exclusion refers to an item of income that is excluded from gross income for tax purposes.

For example, the annual exclusion allows for up to $10,000 in nontaxable gift income during the calendar year. This exclusion serves as an estate-planning mechanism and eliminates the administrative inconvenience of taxing relatively small gifts. Another example is the employee-liability exclusion, which excludes coverage for injury to an employee arising from and in the course of employment with the insured.

These examples illustrate how income exclusion works in different contexts, such as tax and insurance policies. By excluding certain items of income, individuals and businesses can reduce their tax liability or limit their insurance coverage to specific situations.

income beneficiary | income fund

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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?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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