Inheritance

In exempting from the income tax the value of property acquired by 'bequest, devise, or inheritance', Congress used comprehensive terms embracing all acquisitions in the devolution of a decedent's estate.

A perpetuity in lands to a man and his heirs; the right to succeed to the estate of a person who dies intestate. Dig. 50. 16. 24. The term is applied to lands. The property which is inherited is called an inheritance. The term "inheritance" includes not only lands and tenements which have been acquired by descent, but every fee simple or fee tail which a person has acquired by purchase may be said to be an inheritance, because the purchaser's heirs may inherit it. Co. Litt. § 9. See "Estate." In Civil Law. The succession to all the rights of the deceased. It is of two kinds: That which arises by testament when the testator gives his succession to a particular person; and that which arises by operation of law, which is called "succession ab intestat." Heinec. Lee. Elem. §§ 484, 485.

A perpetuity In lands to a man and his heirs; the right to succeed to the estate of a person who dies intestate. child or relation takes property from another at his death, except by devise, and includes as well succession as descent; as applied to personal property, it can mean nothing else than to signify succession; Horner V. Webster, 33 N. J. L. 413. The property which Is inherited is called an Inheritance. The term inheritance includes not only lands and tenements which have been acquired by descent, but every fee-simple or fee-tail which a person has acquired by purchase may be said to be an inheritance, because the purchaser’s heirs may inherit it; Littleton § 9. This would now be called an estate of inheritance; 1 Steph. Com. 231. See Estates. In Civil Law. The succession ' to all the rights of the deceased. It is of two kinds: that which arises by testament, when the testator gives his succession to a particular person; and that which arises by operation of law, which is called succession ah intestat. Heineccius, I>ec. El. §§ 484, 485.

An estate in things real, descending to the heir. 2 Bl. Comm. 201; In re Donahue's Estate, 36 Cal. 332; Dodge's Appeal, 106 Pa. 220, 51 Am. Rep. 519; Rountree v. Pursell, 11 Ind. App. 522, 39 N. EL 747; Adams v. Akerlund, 168III. 632, 48 N. E. 454. Such an estate in lands or tenements or other things as may be inherited by the heir. Termes de la Ley. An estate or property which a man has by descent, as heir to another, or which he may transmit to another, as his heir. Litt. § 9. A perpetuity in lands or tenements to a man and his heirs. Cowell; Blount. "Inheritance" is also used in the old books where "hereditament" is now commonly employed. Thus, Coke divides inheritances into corporeal and incorporeal, into real, personal, and mixed, and into entire and several.

In the civil law. The succession of the heir to all the rights and property of the estate-leaver. It is either testamentary, where the heir is created by will, or ab intestato, where it arises merely by operation of law. Heinec. § 484.

— Estate of inheritance. See Estate

— Inheritance aet. The English statute of 3 & 4 Wm. IV. c. 106, by which the law of inheritance or descent has been considerably modified. 1 Steph. Comm. 359, 500.

— Inheritance tax. A tax on the transfer or passing of estates or property by legacy, devise, or intestate succession ; not a tax on the property itself, but on the right to acquire it by descent or testamentary gift. In re Gihon's Estate, 169 N. Y. 443, 62 N. EL 561; Magoun v. Bank. 170 U S. 283, 18 Sup. Ct. 594, 42 In Ed. 1037.

An estate which one has by descent, as heir to another, or which, however acquired, he may transmit to another, as his heir.

An estate or interest in property which may pass by descent from one person to another.