Which of the following statements regarding material participation is TRUE? Multiple choice question. A taxpayer can be materially participating by being involved in more than one activity if the total hours of involvement meet certain levels. A taxpayer's involvement must exceed 500 hours a year in one activity to be considered materially participating. A taxpayer's involvement is measured only in the current year and can NOT be deemed to be materially participating due to prior years of service. A taxpayer must be involved in the business on a full-time basis throughout the year to be considered materially participating.

Mauro products distributes a single product, a woven basket whose selling price is $15 and whose variable expense is $12 per unit. the company’s monthly fixed expense is $4,200. required: 1. solve for the company’s break-even point in unit sales using the equation method. 2. solve for the company’s break-even point in dollar sales using the equation method and the cm ratio. (do not round intermediate calculations. round "cm ratio percent" to nearest whole percent.) 3. solve for the company’s break-even point in unit sales using the formula method. 4. solve for the company’s break-even point in dollar sales using the formula method and the cm ratio. (do not round intermediate calculations. round "cm ratio percent" to nearest whole percent.)