Yips (Yip), purchases all of the voting stock of Cards, Inc. (Cards) in the following increments and dates: (1) Yip purchases 25% of Cards on January 31, 2021; (2) 25% on June 30, 2021; and, (3) 50% on March 30, 2022. Both Yips and Cards are Florida corporations treated as C corporations for federal income tax purposes. Discuss whether Yips may make a valid section 338 election for its purchase of Cards. In general, describe (1) the purpose of a 338 election, (2) any requirements that must be satisfied, (3) the procedure for making the election, and (4) advantages to the buyer and seller of making such an election