Aqua, Inc., a calendar year corporation, records the following gross receipts and taxable income for 2013-2016.
Year Gross Receipts Taxable Income
2013..................$6,000,000............................$1,400,000
2014....................7,000,000..............................1,312,000
2015....................7,500,000.................................985,000
2016....................7,200,000..............................1,002,000
Aqua's first year of operations was 2013. Is Aqua exempt from AMT in any of its first four years of operation? Explain.