S Corp with Gas Royalties as Income Source

If a one s/h S Corp (never a C Corp) collects Gas Royalties as it's only source of income (receives an annual 1099Misc) and simply banks the funds each year, no other activity at all, isn't this considered "Passive Income?" (dissolve the S).
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It's passive income but doesn't matter since it was never a C corp. and therefore has no E&P. Discussed a bit here. viewtopic.php?f=8&t=16398&p=145092&hilit=1375#p145092

Thank You Nilo. I'm going to post a second question, it's related to this same scenario, but it's different, too.