Dictionary of Business Terms: exclusion
exclusion
Insurance: item not covered by a policy.
Taxation: amount that otherwise would constitute a part of gross income, but is excluded under a specific provision of the Internal Revenue Code.
Dictionary of Finance and Investment Terms: exclusion
exclusion
Contracts: item not covered by a contract. For example, an insurance policy may list certain hazards, such as acts of war, that are excluded from coverage.
Taxes: on a tax return, items that must be reported, but not taxed. For example, corporations are allowed to exclude 70% of dividends received from other domestic corporations. Gift tax rules allow donors to exclude up to $12,000 worth of gifts to donees annually.
