Inheritance

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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 periodicals archive ?
The Hilton heiress took a break from all the merry- making, revelry and living it up till the early hours with a visit to the Shree Siddhivinayak Ganapati temple in Prabhadevi, followed by a visit to the Ashray Orphanage in Bandra.
But although a spokesperson for the heiress confirmed the couple had split and asked that her "privacy is respected," there was no indication if the Dubai trip was off the table.
US hotel heiress and celebrity Paris Hilton has reported to a Los Angeles County jail to begin a three-week stay for violating probation in an alcohol-related reckless driving case.
Set to an original score by composer Bradley Sowash, the full-length, film-noir--ish ballet features a rich heiress, a bumbling police detective, and a super sleuth.
Confessions of an Heiress, is the book that most frequently gets left behind in hotel rooms.
In "The Sacred Fount", the only one of James' novels written in first person, the narrator's is hyperfocused on tapping into the "sacred fount" of another person, to the risk of calamity; in "The Wings of the Dove", a mortally ill American heiress is entangled in a scheme of love and betrayal between an English adventuress and her journalist lover.
1942 - Cary Grant wed Woolworth heiress Barbara Hutton.
Cereal heiress Marjorie Merriweather Post's glittering collection of Russian imperial decorative art, the largest assemblage outside of Russia, will get the attention it deserves when the Hillwood Museum and Gardens, located in the woodlands near Washington, D.
LOS ANGELES, June 2 /PRNewswire/ -- Despite numerous promises by The Annenberg Foundation, California State Department of Parks and Recreation officials, and heiress Lauren Annenberg Bon to seek community input, residents who are concerned about the future of the Cornfield park site located in the heart of downtown Los Angeles have been shunned by the Foundation and State Parks in their decision to move forward with an insulting public art project slated for the Cornfield.
HEIRESS Paris Hilton lived up to her dumb blonde reputation by turning up six hours late - for the opening of her own nightclub.
Heiress Cilla Danforth struggles to gain recognition for her talent in her family owned company.
HEIRESS Paris Hilton's former boyfriend, who appeared with her in a sex video, has dropped his pounds 6 million slander lawsuit.