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Passive ActivitiesFor each of the following, state whether the individual might be a real estate...

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Accounting

Passive ActivitiesFor each of the following, state whether the individual might be a real estate professional (REP) under 469(c)(7) and why or why not. If you conclude that any of these individuals is a REP, will they meet a material participation test for the rental activity (assume they made an election to group all their real estate rentals)?
A. Lenny owns a 10-unit apartment building in San Mateo. He spends about 1518 hours per week handling all of the maintenance, rent collection, etc. as he has no one helping him. Lenny works full-time as a software developer for Meta.
B. Nancy is a full-time real estate salesperson for Intero in San Jose. She owns two single-family residences in Mountain View. A gardener works about 2 hours per week on the properties and Nancy handles the rents and finding tenants when necessary but generally, a tenant stays for at least two years. She spends about 120 hours per year on the rentals.
C. Same as (b) except that Nancy works full-time as a CPA at a CPA firm.

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