Neal Corporation was initially formed as a C corporation with a calendar year-end. Neal elected S corporation status, effective January 1, 2019. On December 31, 2018, Neal Corp. reported earnings and profits of $150,000. Beginning in 2019, Neal Corp. lection terminate due to excess net passive income? If so, what is the effective date of the termination? Corporate Gross receipts (including Passive earnings and passive investment investment profits Year income) income (end of year) 2019 $400,000 $120,000 $140,000 2020 $300,000 $ 70,000 $100,000 2021 $500,000 $130,000 $ 70,000 2022 $400,000 $110,000 $ 40,000 2023 $600,000 $155,000 $ 1,000