The financial definition for Annual exclusion:
A tax rule allowing the deduction of certain income from taxation.
Income exclusion ruleIncome exclusion rule
The IRS rule that excludes certain types of income from taxation, e.g., welfare payments.
Mutual exclusion doctrineMutual exclusion doctrine
The doctrine that ruled that municipal bond interest is federal tax-free. In return for this federal tax exemption, states and localities cannot tax interest generated by federal government securities.
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