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 classic literature ?
He divided things so justly, and so much to every one's satisfaction, that they only desired one general writing under my hand for the whole, which I caused to be drawn up, and signed and sealed, setting out the bounds and situation of every man's plantation, and testifying that I gave them thereby severally a right to the whole possession and inheritance of the respective plantations or farms, with their improvements, to them and their heirs, reserving all the rest of the island as my own property, and a certain rent for every particular plantation after eleven years, if I, or any one from me, or in my name, came to demand it, producing an attested copy of the same writing.
Besides, one must lay out one's inheritance somehow.
As to his inheritance and the part played by Prince Vasili, it is very sad for both.
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.
Perhaps the correct way of viewing the whole subject, would be, to look at the inheritance of every character whatever as the rule, and non-inheritance as the anomaly.
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.
Miss Crawley, the rich aunt from whom he expected his immense inheritance, was dying; the Colonel must haste to her bedside.
The Colonel was busy arranging the affairs of the inheritance.
They deny the justice of property, of capital, of inheritance, while I do not deny this chief stimulus.
All the way to the flat he continued to think, and it was wonderful what possibilities there seemed to be in this little scheme of courting the society of the man who had robbed him of his inheritance.
I warn all readers of these lines that Miss Fairlie's inheritance is a very serious part of Miss Fairlie's story, and that Mr.
Miss Fairlie's expectations, then, were of a twofold kind, comprising her possible inheritance of real property, or land, when her uncle died, and her absolute inheritance of personal property, or money, when she came of age.

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