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.
The GST annual exclusion rules are for the most part the same as the gift tax annual exclusion rules. The current exclusion is $12,000 per person per year (and will increase over time in increments of $1,000 as it adjusts for inflation).he timing of the tax depends on the type of transfer. GST tax on a direct skip is reported on Form 706 and paid within nine months of death (plus extensions) in the case of testamentary direct skips, and in the year after the year of the gift on Form 709 in the case of lifetime direct skips.