Acct 553 week 1 homework assignment

ACCT 553 Week 1 Homework Assignment

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ACCT 553 Week 1 Homework Assignment

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Chapter 1 (5 pts) Briefly discuss the purpose of the Sixteenth Amendment Chapter 2 (5 pts) Explain the two “safe harbors” available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax.

Chapter 3 (5 pts) Explain the distinction between an “above the line” deduction (i.e. FOR AGI) and a below the line deduction (i.e. FROM AGI). Which one is more valuable?

Chapter 13 (5 pts) What is an Installment Sale? Is it a form of income “deferral” ? Whencan’tyou elect this form of reporting?