"Was given FMV at date or transfer. - Why need if no money was received?"

Because in general, you cannot just give away things of value and avoid having some sort of impact. In other words, if it is Worth $0, and your gain/loss is $0, that is assumed it also was worthless to the receiver. Or, you donated to a Charity, so there is some value they will show as support. Or, you intend to have the loss show as expense for the business, but you need to examine if that value you just gave away is something the receiving entity might need to report as taxable. Example: You give an older company truck to a subcontractor who was using it already, in lieu of paying them cash. This is part of their compensation and still gets handled the same as cash, including the reporting requirements for 1099-NEC would apply.

"giving away to non-related individual"

But the Boss cannot give their older company truck with FMV of $25,000 to the son-in-law's brother without appropriately handling this transaction.

We really need more details.