Inheritance

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Related to Inheritence: polymorphism

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 average owner may yet to have kids but if you are worried about their planetary inheritence, nasty gas is a paltry 112g/km.
Inheritence of shank and plumage color in the Fayoumi breed.
Third, the inheritence pattern should be sought through a detailed family history and examination of other family members (including query and examination for foot deformities).
Alonso remains the usurper of Prospero's rule, and Prospero remains the usurper of Caliban's inheritence.