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LSDefine

Simple English definitions for legal terms

legacy duty

Read a random definition: daywork

A quick definition of legacy duty:

Legacy duty is a type of tax that the government charges on things that are passed down to someone after a person dies. Taxes are charges that the government collects from people, businesses, or things to get money for public needs. Taxes can be paid in different ways, not just with money. For example, admission tax is a tax that you pay when you go to a special event. Accrued tax is a tax that you owe but haven't paid yet. Accumulated-earnings tax is a penalty tax that a company has to pay if it keeps its profits instead of giving them to shareholders as dividends.

A more thorough explanation:

Legacy duty is a type of tax that is imposed by the government on the property or assets that are inherited by someone after the death of the original owner. It is also known as legacy tax.

For example, if a person inherits a house or a sum of money from their deceased relative, they may have to pay a legacy duty on the value of the property or money they received.

Legacy duty is a form of taxation that is designed to generate public revenue for the government. It is one of the many types of taxes that the government imposes on individuals, entities, transactions, or property to generate revenue.

Other examples of taxes include income tax, sales tax, property tax, and excise tax. These taxes are all designed to generate revenue for the government and are imposed on different types of transactions or property.

legable | legacy tax

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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
9:42
My name is renard99 and I just sent @babycat feet pics
glovediedthisishismom
9:42
nobody is at the office today they should let little glovey go home and watch harry potter
Dkk
9:49
Lmfao, Gross
Dkk
9:49
@glovediedthisishismom: Watch it at the office!
Dkk
9:50
Proton vpn and https://en.solarmovie-official.lol/
let little glovey go home!
babycat
9:55
it’s true he sent me feet pics (unsolicited!)
babycat
9:56
poor little glovey
babycat
9:56
it’s illegal to make you work on a snow day
BulbasaurNoLikeCardio
9:57
Free feet pics sounds like you saved some money
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