What is I-275 executed,22CFR41.122(h)(3)Visa cancellation under B1-B2 category?

It means that the Customs and Border Protection Officer did not believe that you and your family members were admissible to the United States, were allowed to withdraw your applications for admission, and your visas were cancelled. You can apply for new visas, but should be prepared to explain to the consular officer what happened and why you are in fact admissible. I recommend that you consult with an experienced immigration attorney prior to taking any action as the consular officer will be able to review the CBP report while adjudicating your application.