INHERITANCE TAX Definition

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INHERITANCE TAX is a tax charged on the passing of wealth from one person to another, either during life or at death.

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AUCTION MARKET is a trading system in which buyers enter competitive bids and sellers enter competitive offers simultaneously. This, as opposed to the over-the-counter market, where trades are negotiated. Examples: the NYSE and the AMEX. It is sometimes called double auction market.

OBLIGATION, in business, is a legal duty to pay or do something.

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