Investors in assets that are correlated with the value of sovereign debt will still be allowed to hedge their exposure by buying sovereign CDSs but it is unclear to what assets that exemption applies.

与主权债务价值有关的资产投资者还是可以通过购买主权CDS来规避承受风险，但是这种免税权适用于哪种财产尚不明确。

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The law established principle of debt exemption for bankruptcy for a time but was soon abolished.

该律一度确立了破产免责原则，但旋被废止。

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Giving big gifts of debt forgiveness to a few people is not consistent with the purpose of the exemption.

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One way of doing that is to provide an exemption from capital-gains taxation on all debt or equity instruments used in the next six months to invest in the troubled auto makers.

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Established in 2007 with the onslaught of the foreclosure crisis, the Mortgage Forgiveness Debt Relief Act grants distressed homeowners an exemption from paying federal taxes on forgiven mortgage principals.

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