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Meaning of tax-exempt

tax-ex•empt

Pronunciation: (taks'ig-zempt"), [key]
— adj.
  1. not subject or liable to taxation: tax-exempt imports.
  2. providing income that is not taxable: tax-exempt municipal bonds.
—n.
  1. a tax-exempt security.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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