tax exempt entity

tax exempt entity
USA
An entity that is generally exempt from paying federal and state taxes. The entity generally must apply for a federal and state determination that it is exempt from taxes. Certain income of a tax exempt entity may still be subject to tax, such as unrelated business taxable income (IRC §§ 511-515).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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