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.
For the 2011 tax year, the exclusion on individual gifts was $13,000 for single filers and $26,000 for couples. This means you can gift up to the exclusion limit to as many people as you want in a single year and not incur any gift tax.or example, if you give someone a gift of $20,000, the first $13,000 is not taxable. The remaining $7,000 is considered to be taxable, but the tax only applies if your total gifts exceed the lifetime limit.