A and B each own an undivided one-half interest in a tract of raw land. In discussing each of the following cumulative facts, determine how the opera- tion should be classified for tax purposes and the availability, if any, of elect- ing out under s761(a). Would it make any difference if A and B each owned individually a part of the tract instead of each owning an undivided interest in the whole? A and B constructed a parking lot on the property, which they leased to C for $2,000 per month. C operated the parking business. A and B divided the profit equally. a. b. Some time later, A and B constructed an apartment building on their property which they leased through an agent. The agent provided cus- tomary tenant services such as electricity, hot and cold water, parking stalls, heat, maintenance, cleaning of the public areas, and the like. Several years thereafter, A and B provided an athletic club for their ten- ants. They constructed a swimming pool and tennis courts as well as a health facility which included a sauna, steam room, and complete gym. The tenants were required to pay fees for use of these extra facilities in addition to their regular rents. c