Inheritance

(redirected from inherits)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

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 next Oregon AD will inherit a large stable of successful, competitive athletic teams.
The next Oregon AD will inherit the support of a dedicated and enthusiastic alumni donor base.
Example 10: J inherits the family farm from her father, F, who had inherited it from his father (i.
Progressive myoclonus epilepsy occurs when a person inherits two defective copies of this gene.
Everyone inherits two copies of the genetic information needed to produce apo E, one from each parent; each copy codes for one of the three apo E varieties.
A person who inherits one flawed copy of such a gene remains healthy but can pass the mutant gene on to his or her children.
Although each sex inherits both sets of chromosomes, at some point in male development the father's set appears to shut down.
Such a child inherits a flawed gene from one parent and a healthy gene from the other parent.
Each person inherits a genetic blueprint for a distinctive mix of HLA proteins.
At the time of her daughter's birth, scientists didn't really think of Hirschsprung's disease as a classic genetic disorder, in which a person inherits a bad gene and gets the disease.