Assume the following S corporations and gross receipts, passive investment income, and corporate E&P. Will...
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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. (Leave no answer blank. Select "NA" if no effect.)
d. Jonas Corp.
| Gross | Passive Investment | Corporate Earnings | |||
| Year | Receipts | Income | and Profits | ||
| 1 | $ | 1,101,820 | $ | 255,000 | $575 |
| 2 | $ | 998,250 | $ | 242,500 | $475 |
| 3 | $ | 801,100 | $ | 235,000 | $375 |
| 4 | $ | 804,250 | $ | 219,570 | $275 |
| 5 | $ | 751,500 | $ | 205,000 | $175 |
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