On May 31,20X1 P Corporation, on an August 1 fiscal year, purchases all the stock of S corporation, which files its tax return on a calendar year-end. If P elects to file a consolidated tax return with S, what short-period tax return needs to be filed by the new affiliated group?

A. P will file a short-period tax return from January 1, 20X1 to May 31, 20X1

B. P will file a short-period tax return with its subsidiary S from June 1, 20X1 to August 31, 20X1

C. S will file a short-period tax return from January 1, 20X1, to May 31, 20X1

D. S will file a short-period tax return from January 1, 20X0 to May 31, 20X1