dependency exemption

A tax exemption granted to an individual taxpayer for each dependent whose gross income is less than the exemption amount and for each child who is younger than 19 or, if a student, younger than 24. [Cases: Internal Revenue 3294; Taxation 1031.1, 1048. C.J.S. Internal Revenue §§ 330, 335; Taxation §§ 1736–1739.]