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DEVRY ACCT 553 Week 1 Homework A .pdf


Original filename: DEVRY ACCT 553 Week 1 Homework A.pdf
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DEVRY ACCT 553 Week 1 Homework
Assignment
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ACCT 553 Week 1 Homework Assignment
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?


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