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.
- Definition Intangible Personal Property:
- Dictionary Property, other than real property, with no intrinsic value; its value lies in the rights conveyed. Examples include cash, insurance, stock, goodwill, and patents inheritance definition.
- Definition Insolvency:
- Dictionary condition in which a taxpayer's total liabilities (debts owed) exceed the total fair market value of all his or her assets (cash and other property). A taxpayer is insolvent to the extent his or inheritance explain.
- Definition Imputed (Or Unstated) Interest:
- Dictionary certain long-term sales of property, the IRS has the authority to convert some of the gain from the sale into interest income if the contract does not provide for a minimum rate of interest to be inheritance what is.
- Definition Incentive Stock Option:
- Dictionary option that allows an employee to purchase stock of the employer below current market price. Although the grant or exercise of such an option results in no income for the "regular" tax, the inheritance meaning.
How works Inheritance meaning in Tax definitions I .
