Dbtaining/Terminating S corporation Status Question 8 of 10 . Jane is the sole proprietor of Jane's Gems, a jewelry store. She has decided that she would like to seek S corporation tax status. Which of the following must Jane do first? File Form 2553 Incorporate under the rules of her state. File Form 1120-S. Provide a notice of intent to incorporate to the IRS. Mark for follow up Question 9 of 10 . business's S corporation status is automatically terminated if