Irwin performed work as an investor in several passive activities. Which of the following work performed as an investor should be treated by Irwin as participation?

a) Studying and reviewing financial statements or reports on operations of the activity

b) Preparing or compiling summaries or analyses of the finances or operations of the activity

for the taxpayer's use

c) Monitoring the finances or operations of the activity in a non-managerial capacity

d) Working directly within the day-to-day management or operations of the activity