X Co., a calendar year taxpayer, is formed September 14, 20x4.

It first has shareholders on November 14, 20x4.

It first acquires assets on January 13, 20x5, and begins doing business on March 26, 20x5.

X Co. elects S status on January 29, 20x5.

X Co.'s first S tax year begins

X Co., a calendar year taxpayer, is formed September 14, 20x4.

It first has shareholders on November 14, 20x4.

It first acquires assets on January 13, 20x5, and begins doing business on March 26, 20x5.

X Co. elects S status on January 29, 20x5.

X Co.'s first S tax year begins

November 14, 20x4.

January 1, 20x5.

January 29, 20x5.

January 1, 20x4.

None of these.