Owners of which of the following entity types receive deductible compensation from the entity for working for the entity?

Multiple Choice

• Sole proprietorship

• Entity taxed as a partnership

• S corporation

• Two of the above

A deferred like-kind exchange does not help accomplish which of the following objectives?

Multiple Choice

• To facilitate finding replacement property.

• To help acquire the replacement property.

• To reduce the possibility that the seller must receive cash (boot) that will taint the transaction.

• To certify the taxpayer's Form 8824Like-kind exchanges.

• All of the choices are correct.