Problem 11-57 (L0. 3, 8) During the current year, Gene, a CPA, performs services as follows: 1,800 hours in his tax practice and 50 hours i an apartment leasing operation in which he has a 15% interest. Because of his oversight duties, Gene is considered to be an active participant. He expects that his share of the loss realized from the apartment leasing operation will be $30,000 and that his tax practice will show a prot of approximately $80,000. Gene is single anc has no other income. What is the character and treatment of the income and losses generated by these activities": a. Is Gene considered a material participant in the tax practice? Yes J