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Bob, Mike, and Property Managers LLP contribute property to Real Estate Development, Inc. in exchange for all the outstanding stock on January 1, 20X1. Real

Bob, Mike, and Property Managers LLP contribute property to Real Estate Development, Inc. in exchange for all the outstanding stock on January 1, 20X1. Real Estate Development is a calendar year corporation. On February 15, 20X1, Property Managers LLP sells their stock to Andy. On March 15, 20X1, Real Estate Development filed the necessary paperwork with appropriate consents to elect to be taxed as an S corporation. When is the election effective ?

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