2 2.5 pts Neal Corporation was initially formed as a C corporation with a calendar year-end. Neal elected S corporation status, effective January 1, 2021. On December 31, 2020, Neal Corporation reported earnings and profits of $150,000. Beginning in 2021, Neal Corporation reported the following information. Does Neal Corporation's S election terminate due to excess net passive income? If so, what is the effective date of the termination? Gross receipts (including passive Year investment income) 2021 $ 400,000 2022 $ 300,000 2023 $ 500,000 2024 $ 400,000 2025 $ 600,000 Edit View Insert Format Tools Table 12pt Paragraph Passive investment Corporate earnings and profits income $ 120,000 (end of year) $ 140,000 $ 70,000 $ 130,000 $ 100,000 $ 70,000 $110,000 $ 40,000 $ 155,000 $ 1,000 B I U A T v