1. A taxpayer forms a 100% owned LLC and would like to make an entity classification election. What type of entity can he choose if the taxpayer is an individual, a C-Corporation, an S-Corporation or a Partnership?

2. Multiple taxpayers form an LLC and would like to make an entity classification election. What type of entity can they elect to be taxed as if the taxpayers are individuals, C-Corporations, S-Corporations or Partnerships, or any combination thereof?

3. Please describe the how capital gains and losses are taxed vs Section 1231 gains and losses?

4. For purposes of achieving a valid Section 1031 Like-Kind-Exchange, please provide descriptions of like-kind property?