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 ?
This means that when the virus infects the sperm or human eggs, children can inherit the latent virus in every cell.
At the same time, if you inherit 401(k) assets, you'll want to avoid any missteps that trigger unintended tax consequences.
The next Oregon AD will inherit a department that, unlike many of its Division I counterparts across the country, is not only in good financial condition but is entirely self-supporting.
If a child does not inherit the HD gene, he or she will not develop the disease and cannot pass it on.
But only 13% of men would want to inherit a ring to pass on to their wife.
If there are no children, the spouse inherits the first $200,000, plus one-half of any excess, and the balance passes to living parents or, if none, to any sibling.
Cost Segregation Consultants, a national service practice dedicated exclusively to identifying and securing tax savings for property owners through a new, complex and underutilized property classification technique, reminds those who have already inherited, or may soon inherit commercial and multifamily residential property, to take advantage of the benefits of a cost segregation analysis as soon as the estate is settled.
This has led scientists to believe that a person is susceptible to multiple sclerosis only if he or she inherits an unlucky combination of several genes.
If a mother cell divides symmetrically, many scientists theorized that the offspring inherit cellular components equally ravaged by the experiences of previous generations.
For example, if B inherits X stock from A, it is not necessary that B own the stock at her death to qualify for the credit.
The chances that any child of an FMEN1 "carrier" win inherit this disorder are 50-50.
After examining more than a thousand clutches of eggs, researchers at Oxford University in England say a female great tit inherits her eggshell pattern from her mother's side of the family.