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 ?
Being able to access other people's stories can be the first step in helping someone deal with the emotional fear of inheriting cancer.
Rader knew that some neuroscientists maintain that inheriting two copies of apo E-IV virtually guarantees developing Alzheimer's disease by the age of 80 (SN: 1/1/94, p.
Inheriting a legacy of more than 60 years of providing lifesaving and life-enhancing plasma-derived therapeutic proteins, Talecris is well positioned to become recognized as the global leader in developing and delivering premium protein products.
What's the difference between inheriting a polymorphism and inheriting a mutation in a breast-cancer-causing gene, such as BRCA1?
The neuromuscular degeneration found in mice inheriting these genes is typical of human patients who have amyotropic lateral sclerosis (ALS), also known as Lou Gehrig's disease, a devastating, incurable disorder afflicting 30,000 people in the U.
We now have the unparalleled opportunity to help 23,000 Americans yearly who develop cancer as a result of inheriting a defective MSH2 or MLH1 gene," Fishel says.