An S election may be terminated in all of the following situations except, a)A voluntary revocation by shareholders owning more the 50% of the outstanding shares. b)THe S corp ceases to be a small business corp c)More than 50% of the S corps outstanding shares are sold or exchanged during a 12 month period. d) Passive investment income represent mroe than 25% of the corps gross receipts for 3 consecutive years