1. DEVRY ACCT 553 W EEK 1 H OMEWORK A SSIGNMENT Check this A+ tutorial guideline at http://www.assignmentcloud.com/acct-553/acct-553-week-1-homework-assignment For more classes visit http://www.assignmentcloud.com 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?