Klsey a stock broker owns a separate business in which he

Reference no: EM13612726

Kelsey, a stock broker, owns a separate business in which he participates in the current year. He has one employee who works part-time in the business. Which of the following statements is correct? If Kelsey participates for 300 hours and the employee participates for 300 hours during the year, then Kelsey does not qualify as a material participant. If Kelsey participates for 50 hours and the employee participates for 2 hours during the year, then Kelsey probably does not qualify as a material participant. If Kelsey participates for 501 hours and the employee participates for 2,000 hours during the year, then Kelsey does not qualify as a material participant. Kelsey will automatically be a material participant in an activity in the current year if he was a material participant in a personal service activity for the three prior years.

Reference no: EM13612726

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