I can think of three uses: 1) Main verb, progressive. He is being stubborn. 2) Present participle, modifier.
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Anonymous Floating is Participle I and has no form like being floating..((((Sorry, Anonymous, but I suppose that you don't know the noun 'human being', which is another term for 'person'.
Anonymousno form like being floating.Yes, there is no "being floating" as a verb form. But that is not the way to parse the sentence.