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of the activity. Work done by an individual as an investor in an
activity includes but is not limited to: (1) Studying and
reviewing financial statements or reports on operations of the
activity; (2) preparing or compiling summaries or analyses of the
finances or operations of the activity for the individual's own
use; and (3) monitoring the finances or operations of the
activity in a non-managerial capacity. Id.
Temporary regulations relating to the meaning of the term
"material participation" in section 469(h)(1) provide that, in
general, an individual shall be treated, for purposes of section
469 and the regulations thereunder, as materially participating
in an activity for the taxable year if and only if--(1) The
individual participates in the activity for more than 500 hours
during such year; (2) the individual's participation in the
activity for the taxable year constitutes substantially all of
the participation in such activity of all individuals (including
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 for the taxable year, and
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