4. LO6,7 Which of the following would be a passive activity? Explain.
a. Kevin is a limited partner in Marlin Bay Resort and owns a 15% interest in the partnership.
b. Tom owns a 15% interest in a real estate development firm. He materially partici- pates in the management and operation of the business.
c. Jasmine owns and operates a bed-and-breakfast.
d. Howard owns an apartment complex that meets federal guidelines qualifying it as low-income housing.
e. Felicia owns a 25% working interest in an oil and gas deposit.
f. Assume the same facts as in part e, except that Felicia owns a 25% interest in a partnership that owns a working interest in an oil and gas deposit. She does not materially participate in the management and operation of the partnership.
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