Wallace owns five activities. He elects not to group them together as a single activity under the "appropriate economic unit" standard. He participates for 110 hours in Activity A, 150 hours in Activity B, 100 hours in Activity C, 99 hours in Activity D, and 240 hours in Activity E. Which of the following statements is correct?

WALLACE IS THE MATERIAL PARTICIPANT WITH RESPECT TO ACTIVITIES A B AND E ONLY

ACTIVITIES A,B,C,D AND E ARE ALL SIGNIFICANT PARTICIPATION ACTIVITIES

WALLACE IS A MATERIAL PARTICIPANT WITH RESPECT TO ACTIVITIES A,B,C,D, AND E

ACTIVITIES A, B, AND E ARE ALL SIGNIFICANT PARTICIPATION ACTIVITIES

NONE OF THE ABOVE

PLEASE EXPLAIN WHY YOU HAVE CHOSEN THE ANSWER