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.
Thus, for instance, you can gift the maximum amount to a sibling, child, and grandchild, or several of these, in the same tax year with no gift tax problems. Furthermore, the annual $14,000 exclusion is doubled to $28,000 for joint gifts made by a married couple.ereâs the basic premise: Under the annual gift tax exclusion, you can give gifts of cash or property to someone up to a specified amount without paying any federal gift tax.