ACCT 553 STUDY Learn by Doing/acct553study.com ACCT 553 STUDY Learn by Doing/acct553study.com | Page 7

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ACCT 553 Week 1 Homework

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Chapter 1 (5 pts)
1. Briefly discuss the purpose of the Sixteenth Amendment
Chapter 2 (5 pts)
2. Explain the two "safe harbors" available to an Individual taxpayer
to avoid a penalty for underpayment of estimated tax.
Chapter 3 (5 pts)
3. 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)
4. What is an Installment Sale? Is it a form of income "deferral" ?
When can't you elect this form of reporting?
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ACCT 553 Week 2 Homework

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Chapter 4