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.
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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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
On the negative side, writeoffs indicate that the fixed assets have become impaired and cannot be operated at the current capacity or efficiency level any longer.
If government could create such a massive office building glut with generous tax writeoffs, then surely it could do the same for moderate income housing, which is, after all, more important.
The 28-year-old also pleaded guilty to failing to act with professional diligence, in that he failed to provide vehicles that were roadworthy, failed to respond promptly to complaints by customers and failed to carry out proper checks on the history of the vehicles, such as whether they were insurance writeoffs or subject to existing finance agreements.
Mr Maude said: "There have been significant writeoffs.
Other spending writeoffs included: ?PS564,000 paid in error .-Whitehall r Waste after the service records of Merlin helicopters were lost ?PS33million for services on the engines of Typhoon fighters later found not to be needed ?PS257million on Challenger 2 tanks and support vehicles the Army cannot afford to run ?PS294,000 of training equipment given as a gift to Pakistan ?PS173million on cutting the MoD's stockpile of computer-guided Storm Shadow cruise missiles ?PS88million paying off the contractors for the halted Project Soothsayer, a high-tech spying system ?PS435,000 to compensate 143 people who lodged claims after their hearing had been damaged while serving in the armed forces.
The move came a week after HP, of Palo Alto, Calif., reported its worst annual loss of $12.7 billion, or $6.41 a share, after taking record writeoffs for acquisitions of EDS in 2006 and Autonomy in 2011.
Major UK banks are expected to unveil the extent of their writeoffs this week.
However, exceptional charges of pounds 5.9m for goodwill writeoffs and the reorganisation of its cold drinks draught dispense division took their toll on profits.
Around one in 10 secondhand cars are accident writeoffs, re-built and sold on to unsuspecting motorists.
Specializing in vidgame adaptations such as the upcoming "In the Name of the King" and "BloodRayne," the $25 million vampire actioner that was quickly impaled at the box office, Boll wooed German investors looking for tax writeoffs.
"In a small number of cases, MG Rover vehicles have been classed as insurance writeoffs when insurers and repairers believe that they can no longer get good value, quality replacement parts for the car.
Excessive writeoffs and "low-balling" seldom lead to profitability.