forfeit

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forfeit

1. Law something confiscated as a penalty for an offence, breach of contract, etc.
2. 
a. a game in which a player has to give up an object, perform a specified action, etc., if he commits a fault
b. an object so given up
References in periodicals archive ?
This valuation problem complicates the current inclusion/deduction tax treatment for both parties; in contrast, when the property becomes transferable or no forfeitable, it can be easier to value.
If the employee's rights change from forfeitable to nonforfeitable, the employer may deduct the fair market value of the policy in the employer's taxable year in which (or with which) ends the employee's tax year in which the employee's rights become nonforfeitable, and the fair market value of the policy is includable in the employee's gross income.
83(b), employees may elect to immediately include the value of the restricted stock in taxable income at the time the stock is transferred to them, even though the stock remains forfeitable.
* repatriate forfeitable assets to the United States without the cooperation of a signatory authority or property owner;
Are the bills in your wallet forfeitable? Probably, because an estimated 80 percent of U.S.
The statement should include the name of the plan; the name and address of the plan administrator; the participant's name and taxpayer identification number; the nature, amount and form of benefit; and a notice of any benefits forfeitable if the participant dies.
The basic outline of the debate is as follows: Defendants have been prevented from using forfeitable assets to pay attorneys' fees.
When Congress enacted the Racketeer Influenced and Corrupt Organizations Act (RICO)(1) in 1970 to curb the infiltration of organized crime into legitimate business, it resurrected an old common law punishment: in personam asset forfeiture.(2) As originally enacted, RICO mandated that upon conviction a defendant had to forfeit afl of his assets that were "tainted" by a connection with the crime.(3) Any proceeds derived from or involved with the racketeering activity would be deemed tainted and thus potentially forfeitable upon a finding of guilt.
Germany has time restrictions on how long it can restrain forfeitable assets for foreign proceedings and may only be able to hold such assets for one year.
(283) TO say that papers used to commit crimes are forfeitable and may be seized is not tantamount to saying that other chattels may not be seized unless they are forfeitable.
Rather, it is the posting of an asset forfeitable only upon a failure to perform.