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 Inventory:
- Dictionary For income tax purposes, inventory consists of items acquired for sale to customers in the regular course of a taxpayer's trade or business inheritance.
- Definition Independent Contractor:
- Dictionary contracts to do work according to his own methods and who is not subject to control except as to the results of such work. An employee, by contrast, is subject to the control of the employer as to inheritance.
- Definition Individual Retirement Arrangement (IRA):
- Dictionary retirement arrangement is a trust set up to receive retirement contributions of individuals. The arrangement may be in the form of an individual retirement account or individual retirement annuity inheritance.
- Definition Information Returns:
- Dictionary such as Form W-2 and the various 1099 forms, which report to the IRS income and property transactions. The payer, broker, or other designated person is required to file these returns and is subject inheritance.
How works Inheritance meaning in Tah definition I .