personal exemption deduction

Definition of "personal exemption deduction"
  1. A specified amount defined by tax rules that can be subtracted from adjusted gross income under section 151 of the Internal Revenue Code, including the dependency deduction
How to use "personal exemption deduction" in a sentence
  1. People eligible for the personal exemption deduction could potentially lower their taxable income.
  2. In previous years, a personal exemption deduction was available to taxpayers under certain circumstances.
  3. The rules of the Internal Revenue Code detail the conditions under which a personal exemption deduction is applicable.
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