This paperwork of ACCT 553 Week 1 Homework includes:

Briefly discuss the purpose of the Sixteenth Amendment.

Explain the two “safe harbors” available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax.

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?

What is an Installment Sale? Is it a form of income “deferral” ? When can’t you elect this form of reporting?