George, an Ophthalmologist, Owns a Separate Business (Not Real Estate)

question 10

Multiple Choice

George, an ophthalmologist, owns a separate business (not real estate) in which he participates. He has one employee who works part-time in the business. Which of the following statements is correct?

• A) If George participates for 500 hours and the employee participates for 520 hours during the year, George qualifies as a material participant.
• B) If George participates for 600 hours and the employee participates for 1,000 hours during the year, George qualifies as a material participant.
• C) If George participates for 120 hours and the employee participates for 120 hours during the year, George does not qualify as a material participant.
• D) If George participates for 95 hours and the employee participates for 5 hours during the year, George probably does not qualify as a material participant.
• E) None of the above.

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