Q what is inheritance in gross incomeinheritance

Accounting

Q. What is Inheritance in Gross income?

Inheritance - As distinguished from a BEQUEST or devise, an inheritance is property attained through laws of descent and distribution from a person who dies without leaving a will. The value of property inherited id excluded from a taxpayers gross income though if property inherited produces income it's included in gross income. A taxpayer's basis in inherited property is the fair market value at the time of death.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9578049

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