Clarifications.

• Position: Correction Notice

In the September 2005 Tax Clinic item, "Benefits and Drawbacks for Rental Real Estate Professionals," the discussion on p. 528 mentions "electing to be a rental real estate professional." There is no formal election to file to qualify as a real estate professional. However, as the item explains, to satisfy the material participation requirement, a taxpayer may need to file an election under Sec. 469(c)(7)(A) to treat all interests in rental real estate activities as one activity. All references to an...