Burning a book

A while back a book I have was severely water damaged. I bought a new copy but can't do anything with the old copy. I've tried donating it to everywhere but no one will take it due to the damage (water ruined the binding, it's split in half and cracking everywhere inbetween). My thoughts then went to how we retire a flag, and why not take that idea to an old book that is dear to me but is beaten down and broken. I'm curious to see what other peoples thoughts are on this "retirement" of a book.