Absorption costing, which is also known as full absorption costing or full costing, is a method for accumulating fixed and variable costs associated with the production process and apportioning them to individual products.Thus, a product must absorb a broad range of costs.The key costs assigned to products are:bsorption costing, which is also known as full absorption costing or full costing, is a method for accumulating fixed and variable costs associated with the production process and apportioning them to individual products. Thus, a product must absorb a broad range of costs. The key costs assigned to products are:
The Annual Gift Tax Exclusion. The annual gift tax exclusion was indexed for inflation as part of the Tax Relief Act of 1997, so the amount increased in subsequent years to keep pace with the economy. Below is a chart that shows the increases in the annual exclusion from 1997 through 2015.
Every year, individuals are permitted to give a specified amount to as many individuals as they wish, tax-free. For the year 2013, the gift tax exclusion is $14,000 per recipient. This means that, in 2013, a single person can gift $14,000 to each of an unlimited number of recipients.RS Gift Tax Limits Increased for 2013. One of the most commonly ignored tax documents is Form 709. This form, which must be filed along with a personâs income taxes on on April 15, is used to assess the federal gift tax.