write-off

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Write-off

Charging an asset amount to expense or loss, such as through the use of depreciation and amortization of assets.

Write-Off

A reduction in an individual's or a company's income as the result of an expense. For example, an unpayable credit sale may be a write-off for the creditor, especially if the debtor declares bankruptcy. The bankruptcy means that the debtor is unable to pay the debt, which results in a loss of income for the creditor. A write-off may usually be deducted from one's taxable income.

write-off

To take an asset entirely off the books because it no longer has any value.If an accrualbasis taxpayer has taken money into income when bills were sent out to customers,but then some of the bills became uncollectible, the taxpayer may write off the uncollectible ones as a deduction against income. Financial institutions are required to write off loans when they become delinquent by a certain amount.

References in periodicals archive ?
On an operating basis, excluding the security writedowns, returns on assets and equity would have been 0.
The sources said yesterday the bank's board would be considering writedowns of between [pounds sterling]5bn and [pounds sterling]7bn, though they could also decide on lower numbers.
Dougan said it is "hard to predict" if Credit Suisse will require further writedowns.
Exhibit 1, page 59, shows a sophisticated postauditing system that monitors writedowns (the blue shaded portions).
Pearson and Okubara (Accounting Horizons, March, 1987) point out that recent writeoffs related to restructurings have some special features: 1) the magnitude of the dollars involved; 2) a sudden spurt in the number of firms undergoing the process; and 3) partial writedowns of assets remaining in use.
Funds from operations for the year ended December 31, 2007 included income from recoveries of previous writedowns, gains from non real estate asset sales, and gains from loan payoffs totaling $25,736,000 or $.
The firm, earlier in 2013 took a $1bn writedown against the value of its coal mines in Australia because of falling commodity prices.
Global Banking News-April 1, 2013--European parliament resists German pressure to expedite creditor writedown rules(C)2013 ENPublishing - http://www.
ISTANBUL: The International Monetary Fund on Wednesday lowered its estimate for global writedowns for banks and other financial institutions to $3.
Any writedowns are likely to be in the order of tens of millions of pounds," said group chief executive Mike Farley.
1bn) rights issue due to further writedowns at its Calyon investment banking arm of 1.
UBS, which is the worst-hit bank worldwide by the crisis on its massive writedowns, said its net loss for the first three months of the year reached 11.