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What does write off mean?

Looking for the meaning or definition of the word write off? Here's what it means.

Verb
  1. (accounting) To reduce an asset's book value to zero.
  2. (accounting) To record an expenditure as an expense.
  3. (accounting) To remove a portion of a debt or an amount of an account owed, counting it as a loss (as a gesture of goodwill for example).
  4. (accounting) To record a notional expense such as amortization or depreciation.
  5. Figuratively, to assign a low value to something.
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Examples
He tries to write off both performances with his classically backhanded style.
In that situation also the building owner should be able to write off the residual amount and claim it for tax purposes.
Yet those who might write off the Commonwealth and European medallist have short memories.
Indeed I don't think any of us emerged with any credit on a day which we will have to write off as a bad experience all round.
The critics and the knockers were out in force to quickly write off their chances.
At the meeting, Ms Blears had refused to write off the debt the PCT owes to the Government.

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