Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
tax-free
adj. See TAX-EXEMPT.
tax-free exchange
A transfer of property that the tax law specifically exempts from incometax consequences. ( For example, a transfer of property to a controlled corporation under IRC (26 USCA) § 351(a) and a like-kind exchange under IRC (26 USCA) § 1031(a).