Purpose of the sixteenth amendment

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Reference no: EM13763552

1. Briefly discuss the purpose of the Sixteenth Amendment.

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

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?

4. What is an Installment Sale? Is it a form of income "deferral" ? When can't you elect this form of reporting?

Reference no: EM13763552

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