Neal Corporation was initially formed as a C corporation with a calendar year end. Neal elected S corporation status, effective January 1, 2015. On December 31, 2014, Neal Corp. reported earnings and profits of $150,000. Beginning in 2015, Neal Corp. reported the following information. Does Neal Corp.'s S election terminate due to excess net passive income? If so, what is the effective date of the termination?

Year	Gorss receipts (including passive investment income)	Passive investment income	Corporate earnings and profits ( End of the Year )
2015	$400000	$120000	$140000
2016	300000	70000	100000
2017	500000	130000	70000
2018	400000	110000	40000
2019	600000	155000	1000