One of your clients is considering electing S status. Texas, Inc., is a six-year-old manufacturing company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2022, Texas holds a $110,000 NOL carryforward. Estimated income is $40,000 for 2022 and $25,000 for each of the next three years. Should Texas make an S election for 2022? Why or why not?