LOOPHOLE
A technicality in the law which allows an individual or business to evade the scope of law or restriction without violating its literal interpretation. Often occurs in tax law, it provide ways for people and companies to take away incomes or assets from tax-related situations into ones with lower or no taxed at all.
Often used in tax discussions and avoidance, these are most common in complex business that deals with tax and political issues, and also legal statutes. It can be seen in contract details, building codes, and tax codes, among others.
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