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 ?
Along with a big-ticket budget and an understanding that the athletics department must continue to be self-supporting, the next Oregon AD will inherit an intense and unrelenting pressure to field winning teams that keep stadium seats filled and donors blissful.
53] The immediate outcome of each woman's quest was felicitous: each bore a son to inherit her fortune, and each gave thanks to Mary and to the Capuchins by commissioning a large altarpiece for San Bonaventura which placed the much-desired son and heir under the protection of the Virgin and saints.
People inherit all sorts of assets: real estate, stocks and bonds, IRAS, gold, jewelry, etc.
As each mother cell splits down the middle, each offspring inherits one end-structure, or pole, and develops a new one.
Example 1: B inherits $1,000,000 worth of property from A, which is the amount remaining after estate taxes on A's $2,000,000 estate (assuming a 50% marginal estate tax rate).
People who inherit two copies become supertasters, grimacing and gagging in response to a solution of PROP.
Since people inherit one set of chromosomes from their father and one from their mother, human cells hold two copies of most genes.
TOGA(tm) technology is ideal for detecting genes whose expression is affected in mice that inherit genes associated with neuromuscular degeneration," Frankel explained.
Even for people who inherit both copies of the flawed gene, the consequences of iron loading often don't become apparent until later in life, Cox says.
In those families carrying the variant BRCA1 gene, women who inherit the altered gene have up to a 90 percent lifetime risk of developing breast cancer.
A non-spousal beneficiary of an employer-sponsored plan may be permitted to convert the inherited funds to an inherited Roth IRA if he or she is the designated beneficiary (meaning the beneficiary listed on the account beneficiary form, rather than one who inherits through the estate).