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 ?
Rachel Williams recounts her experience in her new book, My Friend Anna: The True Story of a Fake Heiress.
To paraphrase the late great Mrs Merton: "So, what first attracted you to the billionaire heiress Chloe Green?" Jeremy
The Russian-born 27-year-old posed as a German heiress and scammed her way into expensive hotel stays, international trips and more.
They were putting on their coats when the heiress, allegedly inebriated, lost her temper.
Patricia Hearst, the heiress kidnapped by the Symbionese Liberation Army (SLA) in 1974 when she was just 19 years old.
White; THE LOST HEIRESS; Bethany House (Fiction: Romance) 14.99 ISBN: 9780764213502
M2 EQUITYBITES-February 4, 2015-Aaroe Estates lists Gucci heiress estate
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A woman posing as an heiress turns up murdered after a costume ball, leaving Emily & Colin to solve the crime & find the real heiress.
The heiress might be better known for her glamorous glad rags, A-list party lifestyle, movies and shows, but Paris Hilton is set to take to the decks and DJ in Dubai.
The heiress blames social media for the trouble that befell her.