writeoff


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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.

writeoff

A reduction to zero in the value of an asset carried on a firm's financial statement. Companies often hesitate to make writeoffs because profits reported to stockholders are reduced.
References in periodicals archive ?
"The scooter's a writeoff and we're left paying the bill.
The Banner boys are a virtual writeoff in the bookies' eyes for a famous Munster title success to match their 1992 breakthrough.
A witness from nearby Liscard said the airbags of both cars had gone off and said the cars were "a writeoff ".
"The lifeguards came down and helped him and they eventually got the vehicle free, but it will be a writeoff now.
"We got the job of recovering the bus, which I only bought two weeks ago, and is now pretty much a writeoff."
That would retain the present 100% writeoff but also give investors a tax holiday on 50% of the profits.
The Northampton company's financial woes have been made worse by a pounds 1.5 million writeoff of a 600-ton consignment of frozen peas accidentally defrosted at a depot at Peterborough recently.
For example, a 40-page capitalization policy could be split into smaller documents on the capitalization and approval process, periodic asset review, the disposal and writeoff process and depreciation rules and procedures rather than trying to cover every aspect of managing a company's capital assets.
``The plane was there but it was a writeoff and had not flown for years.
"The pen is a complete writeoff while the lifeboat itself is still being surveyed to see if she can be repaired.
It does not mean that 2012 wine is a complete writeoff, however.
Essex was the writeoff capital of Britain with 17% of motors on sale being reported as unroadworthy.