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.

1. Clarion Corp.

   Year	Gross Receipts	Passive Investment Income	Corporate Earnings and Profits
   1	$1,353,458	$250,000	$321,300
   2	1,230,389	100,000	321,300
   3	1,139,394	300,000	230,000
   4	1,347,039	350,000	100,000
   5	1,500,340	400,000	0

2. Hanson Corp.

   Year	Gross Receipts	Passive Investment Income	Corporate Earnings and Profits
   1	$1,430,000	$247,000	$138,039
   2	700,380	200,000	100,000
   3	849,000	190,000	100,000
   4	830,000	210,000	80,000
   5	1,000,385	257,390	80,000

3. Tiffany Corp.

   Year	Gross Receipts	Passive Investment Income	Corporate Earnings and Profits
   1	$1,000,458	$250,000	$0
   2	703,000	300,480	0
   3	800,375	400,370	0
   4	900,370	350,470	0
   5	670,000	290,377	0

4. Jonas Corp.

   Year	Gross Receipts	Passive Investment Income	Corporate Earnings and Profits
   1	$1,100,370	$250,000	$500
   2	998,000	240,000	400
   3	800,350	230,000	300
   4	803,000	214,570	200
   5	750,000	200,000	100