Regarding a corporation's election for S status, which of the following statements is true?
a) Generally, a properly completed and timely filed election for S corporation status must be made by the 15th day of the 4th month of the start of business or beginning of the entity's tax year.
b) A filed election for S status will be deemed made timely if it is included with the corporation's initial filing of its annual report of income on Form 1120-S.
c) A corporation cannot file for S status unless it has a tax year ending on December 31.
d) None of the answers are correct.