Inheritance

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Related to inherited: inherited characteristics

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 ?
The laws governing inheritance are quite unknown; no one can say why the same peculiarity in different individuals of the same species, and in individuals of different species, is sometimes inherited and sometimes not so; why the child often reverts in certain characters to its grandfather or grandmother or other much more remote ancestor; why a peculiarity is often transmitted from one sex to both sexes or to one sex alone, more commonly but not exclusively to the like sex.
Even in the case of the domestic dogs of the whole world, which I fully admit have probably descended from several wild species, I cannot doubt that there has been an immense amount of inherited variation.
The short-faced tumbler has a beak in outline almost like that of a finch; and the common tumbler has the singular and strictly inherited habit of flying at a great height in a compact flock, and tumbling in the air head over heels.
The son inherited a strong instinct for all the fine arts, and though he composed verses before he could write, seemed for years more likely to become a musician than a poet.
Browning had an inherited income which sufficed for their support until their poetry became profitable.
In the art of making money I have been midway between my father and grandfather: for my grandfather, whose name I bear, doubled and trebled the value of his patrimony, that which he inherited being much what I possess now; but my father Lysanias reduced the property below what it is at present: and I shall be satisfied if I leave to these my sons not less but a little more than I received.
That was why I asked you the question, I replied, because I see that you are indifferent about money, which is a characteristic rather of those who have inherited their fortunes than of those who have acquired them; the makers of fortunes have a second love of money as a creation of their own, resembling the affection of authors for their own poems, or of parents for their children, besides that natural love of it for the sake of use and profit which is common to them and all men.
The Supreme Court held that funds in an inherited IRA are not retirement funds under Section 522(b)(C)(3) of the Bankruptcy Code and thus Heffron-Clark's inherited IRA was not exempt from the Clarks' bankruptcy estate.
I'M writing to ask you and your readers to join me and support the British Heart Foundation's (BHF) Fight For Every Heartbeat campaign, which aims to raise awareness of inherited heart conditions.
I'M writing to ask readers to join me and support the British Heart Foundation's Fight For Every Heartbeat campaign, which aims to raise awareness of inherited heart conditions.
It can span generations - someone living with an inherited heart condition has a 50/50 chance of passing it onto their children.
ISLAMABAD -- Researchers at UT South-western Medical Centre suggest that people who have an inherited mutation of a certain gene have a high chance of getting lung cancer than heavy smokers with or without the inherited mutation.

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