Only in the last case, the transfer of equity is exempt from taxation.

对后一种情况，在转让股权时应免缴营业税。

Income that is saved is exempt from taxation until the saving is later withdrawn and spent on consumption goods.

收入中用来储蓄的部分是免税的，除非它以后被取出并用来消费。

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。