the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income.
the act of exempting.
the state of being exempted; immunity.

1400–50; late Middle English < Latin exemptiōn- (stem of exemptiō) removal. See exempt, -ion

exemptive, adjective
nonexemption, noun
preexemption, noun

3. exception. Exemption, immunity, impunity imply special privilege or freedom from imposed requirements. Exemption implies release or privileged freedom from some duty, tax, etc.: exemption from military service. Immunity implies freedom from a penalty or from some liability, especially one that is disagreeable or threatening: immunity from disease. Impunity (limited mainly to the fixed expression with impunity ) primarily suggests freedom from punishment: The police force was so inadequate that crimes could be committed with impunity.

3. liability.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To exemption
World English Dictionary
exempt (ɪɡˈzɛmpt)
1.  (tr) to release from an obligation, liability, tax, etc; excuse: to exempt a soldier from drill
2.  freed from or not subject to an obligation, liability, tax, etc; excused: exempt gilts; tax-exempt bonus
3.  obsolete set apart; remote
4.  a person who is exempt from an obligation, tax, etc
[C14: from Latin exemptus removed, from eximere to take out, from emere to buy, obtain]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

late 14c., from Fr. exemption, from L. exemptionem, noun of action from eximere (see exempt).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
The universities had argued for the exemption because they receive a mix of
  private and public money.
If that were not enough, the universities' non-commercial research exemption is
  also in trouble.
That's where you put your money that is in excess of the exemption from estate
  and probate taxes and fees.
Furthermore, if you provide a detour around algebra, you provide an exemption
  from abstract thinking.
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