- 9 -
individuals who are not owners of interests
in the activity) for such year;
(3) The individual participates in the
activity for more than 100 hours during the
taxable year, and such individual's
participation in the activity for the taxable
year is not less than the participation in
the activity of any other individual
(including individuals who are not owners of
interests in the activity) for such year;
(4) The activity is a significant
participation activity (within the meaning of
paragraph (c) of this section) for the
taxable year, and the individual's aggregate
participation in all significant
participation activities during such year
exceeds 500 hours;
(5) The individual materially
participated in the activity (determined
without regard to this paragraph (a)(5)) for
any five taxable years (whether or not
consecutive) during the ten taxable years
that immediately precede the taxable year;
(6) The activity is a personal service
activity (within the meaning of paragraph (d)
of this section), and the individual
materially participated in the activity for
any three taxable years (whether or not
consecutive) preceding the taxable year; or
(7) Based on all of the facts and
circumstances (taking into account the rules
in paragraph (b) of this section), the
individual participates in the activity on a
regular, continuous, and substantial basis
during such year. [Sec. 1.469-5T(a),
Temporary Income Tax Regs., 53 Fed. Reg.
5725-5726 (Feb. 25, 1988).]
Petitioner argues that she materially participated in the
Wisp condominium hotel alternatively under the provisions of
section 1.469-5T(a)(3), (4) or (7), Temporary Income Tax Regs.,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011