Definitions for untaxed
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Princeton's WordNet
tax-exempt, tax-free, untaxed(adj)
(of goods or funds) not taxed
"tax-exempt bonds"; "an untaxed expense account"
Wiktionary
untaxed(Adjective)
Not subject to being taxed.
untaxed(Adjective)
Not having had taxes paid on even though required.
untaxed(Adjective)
Not tired or strained, working well within capacity.
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"untaxed." Definitions.net. STANDS4 LLC, 2013. Web. 19 May 2013. <http://www.definitions.net/definition/untaxed>.