In this paper, we present a unified feature-based theory of complement, adjunct, and subject extraction, in which there is no need either for valence reducing lexical rules or for phonologically null traces. Our analysis rests on the assumption that the mapping between argument structure and valence is defined by realization constraints which are satisfied by all lexical heads. Arguments can be realized as local dependents, in which case they are selected via the head's valence features. Alternatively, arguments may be realized in a long-distance dependency construction, in which case they are selected via the head's slash features. Furthermore, we argue that English post-verbal adjuncts, as well as complements, are syntactic dependentsselected by the verb, thus providing a uniform analysis of complement andadjunct extraction. Finally, we show that our analysis provides analternative treatment of subject extraction and we offer a new account of thethat-trace effect.