exempt

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exempt from (something)

1. verb To allow or permit oneself or someone to not do something. In this usage, a noun or pronoun is used between "exempt" and "from." It's very convenient that the mayor exempts his relatives from these taxes, while the rest of us have to pay.
2. adjective Allowed or permitted to not do something. It's very convenient that the mayor's relatives are exempt from these taxes, while the rest of us have to pay.
See also: exempt

exempt someone from something

to release someone from the obligation to do something; to allow a person not to be affected by a rule or law. I cannot exempt anyone from this rule. The members of Congress exempted themselves from the wage freeze.
See also: exempt
References in periodicals archive ?
P then directly loans the $1,000 to S, which directly invests the proceeds in exempt obligations.
150213 (c)(6)(i), P's interest income on the loan is exempt.
150213(c)(6)(i) exemption, when an exempt investment is directly traceable to debt recurred by a related affiliate to an unrelated lender.
1502-13(c)(6)(i), by disallowing the exemption to the lending member, if: (1) the loan proceeds are directly traceable to investments in the borrowing member's exempt obligations; and (2) the source of the intercompany loan is directly traceable to the lending member's third-party borrowing.
2004-47 on determining the disallowed interest expense for intercompany borrowings, as they apply to dealers in exempt obligations.
As noted above, dealers in exempt investments are subject to two separate calculations in determining Sec.
The disallowance is calculated by multiplying the dealer's nondirectly traceable interest expense by a fraction, the numerator of which is the dealer's average balance of exempt obligations, and the denominator of which is the dealer's average balance of total assets, less the balance of debt the interest on which is not subject to disallowance.
The first issue is the determination of disallowed interest expense under the general allocation formula applicable to dealers in exempt obligations.
In this scenario, the IRS holds that the interest expense disallowance is applied at the contributing member level (against its borrowing from the unrelated party), but is calculated at the dealer level based on the dealer's average assets and exempt obligations.
Example 3: P, the common parent of an affiliated group that includes subsidiary S (a dealer in exempt obligations), borrows $40 from unrelated lender X.
The Service concluded that, because the taxpayer's expenses were not exempt under Sec.