Inheritance


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Related to Inheritance: polymorphism

Inheritance

Any form of property that one receives when a person dies. One may receive an inheritance because the deceased person had so specified in a will, or, if there is no will, one may receive an inheritance simply by being a close relative of the deceased. In most countries, inheritances are taxed if they are valued over a certain amount. See also: Estate.

Inheritance

As distinguished from a bequest or devise, an inheritance is property acquired through laws of descent and distribution from a person who dies without leaving a will. Property so acquired usually takes as its basis, for gain or loss on later disposition or for depreciation, the fair market value at the date of the decedent's death. An inheritance of property is not a taxable event, but the income from an inheritance is taxable.
References in classic literature ?
This was a great matter in the way of honor, but very little in the way of wealth; so that when the illustrious companion of the great Henry died, the only inheritance he was able to leave his son was his sword and his motto.
Yes, a very worthy friend of mine, a great nobleman, the viceroy of Scotland and Ireland, has endowed me with an inheritance.
Meaning that riches gotten by good means, and just labor, pace slowly; but when they come by the death of others (as by the course of inheritance, testaments, and the like), they come tumbling upon a man.
There was also a dispute at Phocea, concerning a right of inheritance, between Mnasis, the father of Mnasis, and Euthucrates, the father of Onomarchus, which brought on the Phoceans the sacred war.
At the same time he exacted of his people an oath that when they journeyed to the land of Canaan they would bear his bones with them and bury them in the ancient inheritance of his fathers.
There was another year before Philip took possession of his small inheritance, and during that time Mr.
His colossal fortune, with the exception of the comparatively small portion wasted in the first wanton period of his inheritance, went to his brother, to the great satisfaction of the latter.
That very man whose judgment was so sound and accurate where merit was concerned - he who had swept into his coffers the inheritance of Nicholas Fouquet, who had robbed him of Lenotre and Lebrun, and had sent him to rot for the remainder of his life in one of the state prisons - merely remembered the peaches of that vanquished, crushed, forgotten enemy
The chief news, about which all Moscow gossips, is the death of old Count Bezukhov, and his inheritance.
No matter; I should like it better if it were a boy--only that its father will leave it no inheritance that he can possibly squander away.
Causes of Variability -- Effects of Habit -- Correlation of Growth -- Inheritance -- Character of Domestic Varieties -- Difficulty of distinguishing between Varieties and Species -- Origin of Domestic Varieties from one or more Species -- Domestic Pigeons, their Differences and Origin -- Principle of Selection anciently followed, its Effects -- Methodical and Unconscious Selection -- Unknown Origin of our Domestic Productions -- Circumstances favourable to Man's power of Selection.
From the former of these, he derived an agreeable person, a sound constitution, a solid understanding, and a benevolent heart; by the latter, he was decreed to the inheritance of one of the largest estates in the county.