Illegal accounting practices include all of the following except:
A. Taking questionable deductions
B. Overvaluing assets
C. Deferring receipts from one quarter to the next to manage tax liabilities
D. Underreporting income for tax purposes
Ans: C. Deferring receipts from one quarter to the next to manage tax liabilities
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Paulo Dessario is the owner of Paulo's Pizzeria, which has not been doing well in the last year. He files for bankruptcy under Chapter 13. Which of the following is true of Chapter 13?
A) Paulo must terminate all his business operations in the United States. B) If the pizzeria is not exempt from the Chapter 13 estate, Paulo must close it. C) Paulo is allowed to continue operating the pizzeria, whether or not it is exempt. D) Paulo can only operate the pizzeria but cannot remain in possession of it.