Consider the following three statements: 
In which of the three cases above could the rental activity automatically be considered a passive activity?
Definitions:
Salvage Value
The anticipated concluding value of an asset at the expiration of its operational period.
Commercial Substance
A concept in accounting that a transaction has commercial substance if it significantly changes the economic position or cash flows of the company.
Construction Cost
Expenses incurred in the building of physical structures, including materials, labor, and overhead costs.
Parking Lot
A parking lot is a designated area or facility for parking vehicles, often paved and marked for individual spaces.
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