The Collaborative International Dictionary of English v.0.48:

Exempt \Ex*empt"\, n.
   1. One exempted or freed from duty; one not subject.
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   2. One of four officers of the Yeomen of the Royal Guard,
      having the rank of corporal; an Exon. [Eng.]
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The Collaborative International Dictionary of English v.0.48:

Exempt \Ex*empt"\, v. t. [imp. & p. p. Exempted; p. pr. & vb.
   n. Exempting.] [F. exempter. See Exempt, a.]
   1. To remove; to set apart. [Obs.] --Holland.
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   2. To release or deliver from some liability which others are
      subject to; to except or excuse from he operation of a
      law; to grant immunity to; to free from obligation; to
      release; as, to exempt from military duty, or from jury
      service; to exempt from fear or pain.
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            Death
            So snatched will not exempt us from the pain
            We are by doom to pay.                --Milton.
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The Collaborative International Dictionary of English v.0.48:

Exempt \Ex*empt"\, a. [F. exempt, L. exemptus, p. p. of eximere
   to take out, remove, free; ex out + emere to buy, take. Cf.
   Exon, Redeem.]
   1. Cut off; set apart. [Obs.]
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            Corrupted, and exempt from ancient gentry. --Shak.
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   2. Extraordinary; exceptional. [Obs.] --Chapman.
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   3. Free, or released, from some liability to which others are
      subject; excepted from the operation or burden of some
      law; released; free; clear; privileged; -- (with from):
      not subject to; not liable to; as, goods exempt from
      execution; a person exempt from jury service.
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            True nobility is exempt from fear.    --Shak.
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            T is laid on all, not any one exempt. --Dryden.
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WordNet (r) 3.0 (2006):

exempt
    adj 1: (of persons) freed from or not subject to an obligation
           or liability (as e.g. taxes) to which others or other
           things are subject; "a beauty somehow exempt from the
           aging process"; "exempt from jury duty"; "only the very
           poorest citizens should be exempt from income taxes"
           [ant: nonexempt]
    2: (of goods or funds) not subject to taxation; "the funds of
       nonprofit organizations are nontaxable"; "income exempt from
       taxation" [syn: nontaxable, exempt] [ant: nonexempt,
       taxable]
    v 1: grant relief or an exemption from a rule or requirement to;
         "She exempted me from the exam" [syn: exempt, relieve,
         free] [ant: apply, enforce, implement]
    2: grant exemption or release to; "Please excuse me from this
       class" [syn: excuse, relieve, let off, exempt]