Ned, a college professor, owns a separate business (not real estate) in which he participates in the current year. He has one employee who works part-time in the business. a. If Ned participates for 600 hours and the employee participates for 2,000 hours during the year, Ned qualifies as a material participant. b. If Ned participates for 120 hours and the employee participates for 120 hours during the year, Ned does not qualify as a material participant. c. If Ned participates for 95 hours and the employee participates for 5 hours during the year, Ned probably does not qualify as material participant. d. If Ned participates for 500 hours and the employee participates for 520 hours during the year, Ned qualifies as material participant. e. None of these choices applies.