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.)

c. Tiffany Corp.

	Gross		Passive Investment		Corporate Earnings
Year	Receipts		Income		and Profits
1	$	1,002,158	$	254,500	$0
2	$	704,250	$	304,980	$0
3	$	801,300	$	404,870	$0
4	$	901,020	$	354,970	$0
5	$	672,500	$	294,877	$0