1-(TCO G) Which of the following is not a passive activity? Owning a business and materially participating...

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Question:

1-(TCO G) Which of the following is not a passive activity?

Owning a business and materially participating

Owning a vacation home

Owning an LP interest in a Publicly Traded Partnership

20% ownership of a residential rental property

2. (TCO G) An individual is considered a Material Participant if they pass which of the following tests?

The activity is a personal service activity

The individual materially participated in the activity for 5 out of the last 10 years immediately proceeding the tax year.

The Individual participates in the activity for more than 50 hours per year and not less than any other individual.

The individual is considered an expert in this activity.

Question 3.3. (TCO G) What IRC Section prescribes the “Hobby Loss” rules?

No such set of rules

IRC §138

IRC§183

IRC 469