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LSDefine

Simple English definitions for legal terms

tax-exempt

Read a random definition: moral suasion

A quick definition of tax-exempt:

Tax-exempt means that something is not subject to taxation by law. This can apply to things like charities or certain types of bonds. It can also mean that the interest earned on an investment is not subject to income tax. In simpler terms, tax-exempt means you don't have to pay taxes on it.

A more thorough explanation:

Definition: Tax-exempt means that something is not subject to taxation by law. For example, a tax-exempt charity does not have to pay taxes on the money it receives. Another example is tax-exempt municipal bonds, which means the interest earned on these bonds is not subject to income tax.

Examples:

  • A non-profit organization that is recognized as tax-exempt by the IRS does not have to pay taxes on the donations it receives.
  • Investing in tax-exempt municipal bonds can be a good way to earn interest without having to pay income tax on that interest.

The examples illustrate that tax-exempt status can apply to different types of entities, such as non-profit organizations and investments. In both cases, the benefit of being tax-exempt is that the entity does not have to pay taxes on certain types of income, which can save them money.

tax-deferred | tax ferret

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babycat
10:38
in singapore they have a kind of slang Chinese where if they don’t know a word they’ll pick a radical out of it that they do know and say that instead
babycat
10:38
it’s really funny. I forget the name they had for it
starfishies
10:39
my teachers would not cosign this hot take haha tones were super instilled in us
triplethread
10:39
lsac is broken for me rn
starfishies
10:39
we spoke in beijing dialect tho cause thats where they were from
babycat
10:39
I mean tones are important but Chinese people aren’t like the French where they’ll pretend they don’t understand what you’re saying if it’s not perfect
starfishies
10:40
oh yeah no way the opposite theyll pretend they understand you even when they have no clue wtf you said haha
babycat
10:41
I used to have a Chinese “pen pal” that I would do like wechat calls with in high school and she treated me like a pet. Like awww you’re so cute
soyalmondoatmilk
10:43
LOLL at my uni we have lang consultants who are native speakers and we have mandatory chats w them
soyalmondoatmilk
10:44
the ringtone of wechat is so distinct like iykyk
babycat
10:45
I keep getting whatsapp calls from random people in African countries
starfishies
10:45
does anyone know if W&Lee is one of those schools that doesn't update their portals
starfishies
10:45
beyond complete
soyalmondoatmilk
10:46
@starfishies: mine is in review i think they're going to have a wave tmrw my banner and substatus date disappeared last friday
starfishies
10:46
oh nice their turnaround kinda fast
WorthlessAttractiveZombie
10:47
@starfishies: my timeline went like this....complete...."In Review" with a date....paragraph at the top disappeared....then the date disappeared.....decision about a week after that
starfishies
10:47
lmao such a mysterious process tyty
soyalmondoatmilk
10:48
@WorthlessAttractiveZombie: did your address go long?
starfishies
10:48
i have too many apps to notice when things disappear
WorthlessAttractiveZombie
10:48
@soyalmondoatmilk: I have no clue, I put in all my addresses long in the first place
10:48
We like W&L right? Reddit opinions were all over the place
WorthlessAttractiveZombie
10:49
W&L is pretty decent. The location is out in BFE, but they have decent placements and give a good scholarship
starfishies
10:49
im also hesitant based on those posts
soap
10:50
Aside from it being rurally located, I don't really see the problems
WorthlessAttractiveZombie
10:51
Their bar pass rate is alright as well (not the best, but not the worst). The employment rate is also decently high...while biglaw is certainly achievable, it will be a challenge (top 1/4 of your class, most likely)
soyalmondoatmilk
10:52
oops nvm someone on reddit got into W&L this morning, i missed the wave ig :((
triplethread
10:54
is reddit back up
not for me
YLS needs to stop sending promotional emails
CleverRightfulTomato
11:01
Right @impartiallion
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