Since no one else has spoken up I'll post my opinion.
A 301 redirect tells the search engine that a page has permanently moved.
If it is a whole directory or a domain use this htaccess
Code:
RewriteEngine on
RewriteRule .* http://NEWURL.com/ [R=301,L]
Or if it is just one page on your domain then send the traffic to a 404 page that says the page is missing. From what I understand you should not just send the traffic to the root of your domain as Google devalues your 404 page and also you should not use the full url to your page as this causes a 302 redirect in addition to the 404 redirect.
Code:
ErrorDocument 404 /404.html
But if someone knows better please post.