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Inheritance tax

Inheritance tax, assessment on property bequeathed by a deceased person to a specific legatee. It thus differs from an estate tax, levied on a deceased person's estate as a whole. In the United States most states levy both estate and inheritance taxes; since 1916 the federal government has levied only an estate tax.

See also: Taxation.

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21st Century Webster's Family Encyclopedia21st Century Webster's Family Encyclopedia - Inert gas to Jaruzelski, Wojciech