Retail stores are often classified on the breadth and depth of their merchandise assortment. The depth of the merchandise is the variety of choices for each specific product. Merchandise depth may be classified as ________ or ________

If boot is received in a § 1031 like-kind exchange, the recognized gain cannot exceed the realized gain

a. True b. False Indicate whether the statement is true or false

In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners?

a. corporation b. partnership c. proprietorship d. S corporation