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interests in rental real estate as one activity. See sec.
469(c)(7)(A)(ii) and flush language of sec. 469(c)(7).
Petitioner may deduct the net losses from his rental real
estate activities in 1994 and 1995 if, as he contends, he elected
in 1994 to treat them as one activity under section 469(c)(7).
B. Whether Petitioner Materially Participated in Any of the
Seven Rental Real Estate Activities
Petitioner contends in the petition that he materially
participated in each of his rental real estate activities.
However, petitioner did not so contend on brief. We deem that
issue to be waived. See Burbage v. Commissioner, 82 T.C. 546,
547 n.2 (1984), affd. 774 F.2d 644 (4th Cir. 1985); Wolf v.
Commissioner, T.C. Memo. 1992-432, affd. 13 F.3d 189 (6th Cir.
1993).
Even if petitioner contended that he materially participated
in each of his rental real estate activities, the record does not
show that he did so. An individual taxpayer materially
participates in an activity if: (a) He or she participates more
than 500 hours during the year; (b) his or her participation is
substantially all of the participation of individuals in that
activity for the year; (c) he or she participates more than 100
hours and that participation equals the participation of all
other individuals during the year; (d) the activity is a
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