Aqua, Inc., a calendar year corporation, records the following gross receipts and taxable income for 2011-2014. Aqua's first year of operations was 2011. Is Aqua exempt from AMT in any of its first four years of operation? Explain.

Year Gross Receipts Taxable Income

2011 $6,000,000 $1,400,000

2012 $7,000,000 $1,312,000

2013 $7,500,000 $985,000

2014 $7,200,000 $1,002,000