Assume the following S corporations and gross receipts, passive investment income, and corporate E&P. Will any of these corporations have its S election terminated due to excessive passive income? If so, in what year? All became S corporations at the beginning of year 1.

a. Clarion Corp.

b. Hanson Corp.

c. Tiffany Corp.

d. Jonas Corp.

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Gross Receipts Passive Investment Corporate Eamings Income and Profits $1,353,458 S1 $1,139,394 $1,347,039 $1,500,340 $321,300 $321,300 $230,000 $350,000S100,000 S0 $250,000 $100,000 $300,000 $400,000 Iear Gross Receipts Passive Investment Corporate Eamings Income and Profits S1,430,000 $700,380 $849,000 $830,000 $1,000,385 $247,000 $200,000 $190,000 210,000 $257,390 $138,039 $100,000 $100,000 80,000 $80,000 Iear Gross Receipts Passive Investment |Corporate Eamings Income and Profits 1,000,458 $703,000 $800,375 $900,370 $670,000 $250,000 $300,480 $400,370 $350,470 $290,377 $0 $0 $0 $0 $0 Year Gross Receipts Passive Investment Corporate Eamings Income and Profits $1,100,370 $998,000 $800,350 $803,000 $750,000 $500 $400 S300 $200 $100 $250,000 $240,000 $230,000 $2141 $200,000