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 ?
A non-spousal beneficiary of a traditional IRA, however, cannot transfer those funds into a Roth IRA because he or she is not permitted to do a rollover of the inherited IRA -- and a Roth conversion is treated as if it were a rollover.
Traditionally, a spouse was able to roll over the assets of an inherited 401(k) into an IRA.
The next Oregon AD will inherit a department that is studded with showcase athletic facilities.
He and his colleagues study a phenomenon called imprinting, in which gene copies take on epigenetic marks that keep them on or off, depending on which parent each copy was inherited from.
* If a child does not inherit the HD gene, he or she will not develop the disease and cannot pass it on.
This is especially true for those who inherit investment properties of significant value, as these properties will be re-appraised at fair market value for tax purposes, and a Section 754 of the IRS code election is made.
Because FMEN1 is a genetic disorder inherited from one parent, and its transmission pattern is well understood, family members at high risk for the disorder can be easily identified.
However, most scientists and physicians who have studied the puzzle of why certain people get the disease while others don't are convinced that heredity-the genes we inherit from our ancestors-is a very important factor.
Bacteria with the older poles showed a reduced growth rate, a decreased rate of reproduction, and an increased risk of dying, compared with cells that inherited newer poles, Stewart and his colleagues report in the February PLoSBiology.
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.
Such a test would be given once in a person's lifetime to find out whether he or she has inherited the FMEN1 gene.
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.