What is inheritance definition
Define Inheritance facts. Notion of devise, an inheritance is property acquired through laws of.

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Inheritance Definition

What INHERITANCE means: 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.

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