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That was short of the 500 hour threshold that is the gold standard of material participation.
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The trust maintained that the time that the President, who was the trustee, spent running the company constituted material participation by the trust.
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However, the real estate professional special rules that apply when rental activities are aggregated to achieve material participation status suggest trade or business treatment.
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You should note that she would have had a material participation problem with the the New Jersey property due to her failure to make the election.
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While a full examination of the material participation tests of Section 469 is beyond the scope of this post, the regulations under that section provide seven tests that if satisfied, will convert an activity from passive to nonpassive.
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Meeting the standard of material participation, and thereby turning an activity from passive to nonpassive, is obviously a critical consideration, for if an activity is passive, all of the income allocated to the individual owner will constitute net investment income under Prop.
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The takeaway lesson is this: if you are an investor in an S corporation that conducts an active trade or business and is not engaged in the trading of financial instruments, this would be a really good year to meet one of the material participation tests!
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In April, the IRS wrapped up a special voluntary disclosure program in which taxpayers could avoid penalties by disclosing their participation in a shelter and handing over the material they received from promoters.
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