Inheritance Calculator

Formula

The formula to calculate the Inheritance Amount After Tax (I) is:

\[ I = T - (T \times r) \]

Where:

$ I $ is the inheritance amount after tax
$ T $ is the total inheritance amount before tax
$ r $ is the inheritance tax rate (as a decimal)

What is an Inheritance?

Inheritance is a fundamental concept in object-oriented programming where a new class is derived from an existing class. The new class, known as the derived class or subclass, inherits the attributes and behaviors (methods) of the existing class, known as the base class or superclass. This allows for code reusability and the ability to add new features to existing code without modifying it. The derived class can also override or extend the properties and methods of the base class.

Example Calculation

Let's assume the following values:

Total Inheritance Amount Before Tax (T) = $100,000
Inheritance Tax Rate (r) = 20%

Using the formula to calculate the Inheritance Amount After Tax (I):

\[ I = 100,000 - (100,000 \times 0.20) = 100,000 - 20,000 = 80,000 \]

The Inheritance Amount After Tax is $80,000.