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 gift tax exclusion provides additional shelter. The annual federal gift tax exclusion allows you to give away up to $14,000 in 2014 and 2015 to as many people as you wish without those gifts counting against your $5 million lifetime exemption.(After 2015, the $14,000 exclusion may be increased for inflation.).f you make a taxable gift (one in excess of the annual exclusion), you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you donât actually owe any gift tax because of the $5.34 million lifetime exemption.