Business and Personal Finance Dictionary

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• INHERITANCE TAX
  
  An assessment on the portion of an estate received by an individual. It differs from an estate tax, which is levied on an entire estate before it is distributed to individuals. The inheritance tax is usually progressive and generally determined by the amount of property received by the beneficiary, as well as by the heir's relationship to the deceased. The U.S. government levies only an estate tax. Some state governments levy both inheritance and estate taxes.
  
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