Costs and expenses relating to exempt income could be deducted when the taxable income is calculated, unless otherwise specified.

计算应纳税所得额时可扣除豁免收入的成本和费用，除非法律另有规定。

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Their interest income is except from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state.

市政债券的利息收入不用交纳联邦利息税，利息收入在所发行的州也不用交纳州和地方所得税。

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Another would repeal the ability of U.S. companies that derive at least 80% of their income from foreign business to treat interest and dividends as exempt from U.S. withholding tax.

另一项内容针对至少80%的收入来自海外业务的美国公司，规定这些公司的股息和红利不得继续免缴美国所得税。

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Tax expenditures include the inventory of Tax-Exempt Income, Adjustments to Income, Itemized Deductions, and Tax Credits (refundable and nonrefundable).

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Included in the positive adjustment to stock basis is an increase for tax-exempt income realized by the S corporation.

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For example, a taxpayer subject to a top statutory rate of 39.6% would pay an 11.6% tax on tax-exempt income.

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