The Collaborative International Dictionary of English v.0.48:

Cutaway \Cut"a*way`\ (k[u^]t"[.a]*w[=a]`), a.
   Having a part cut off or away; having the corners rounded or
   cut away.
   [1913 Webster]

   Cutaway coat, a coat whose skirts are cut away in front so
      as not to meet at the bottom.
      [1913 Webster]