The “at risk” rules apply to each of the following activities when engaged in by an individual (including partners and S corporation shareholders, see Q 8691) as a trade or business or for the production of income:
(1) holding, producing, or distributing motion picture films or video tapes;
(2) farming (including raising, shearing, feeding, caring for, training, or management of animals);
(3) leasing of depreciable personal property (and certain other “IRC Section 1245” property);