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 ?
Patricia Hearst, the heiress kidnapped by the Symbionese Liberation Army (SLA) in 1974 when she was just 19 years old.
Aaroe Estates says it has listed the 23-acre mountain center compound of British fashion heiress Patricia Gucci for USD7,500,000.
The ninth book in Tasha Alexander's Lady Emily series, The Counterfeit Heiress (Minotaur, $25.
The Hilton heiress took a break from all the merry- making, revelry and living it up till the early hours with a visit to the Shree Siddhivinayak Ganapati temple in Prabhadevi, followed by a visit to the Ashray Orphanage in Bandra.
Meanwhile, the F1 heiress, who is the proud owner of a brand new Bentley, was spotted admiring her new wheels in London this week.
FORMER Beatle Sir Paul McCartney married American heiress Nancy Shevell at a register office in central London yesterday.
NEWLY-WEDS: Former Beatle Sir Paul McCartney and American heiress Nancy Shevell exit Marylebone Town Hall in central London after they were married
JUST WED Former Beatle Paul McCartney and American heiress Nancy Shevell at Marylebone Town Hall after they were married
Summary: Made in Chelsea has returned for its second series and last night Topshop heiress, Chloe Green, made her first appearance.
He was arrested by police investigating the death of heiress Robyn Whitehead.
AN heiress to the Johnson & Johnson fortune, blonde beauty Casey Johnson lived the life of a Hollywood socialite - partying with Paris Hilton, posing for the paparazzi, becoming engaged to bisexual reality TV star Tila Tequila and tragically, like her idol Marilyn Monroe, dying young.
FRESHMAN sire Wildcat Heir set a record of 39 northern hemisphere juvenile winners in a year after his filly Future Heiress won a maiden at Calder, Florida, on Thursday, writes George Kimberley.