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 annual exclusion is adjusted for inflation and applies to each person every year. The amount is $14,000 as of 2015. Example: On December 31 you give $14,000 to your son and $14,000 to your sonâs wife.iving more than the annual exclusion amount. If you give more than the annual exclusion amount to one person in a single year youâll have to file a gift tax return. But you still wonât have to pay gift tax unless you gave a very large amount.