Fran is a CPA working for a regional accounting firm. Xavier Corp was incorporated January 1, 2022, and desired to elect S corporation status at inception. Fran filed Form 1120-S for Xavier for 2022 on March 15, 2023. On July 1, 2023, Fran discovers Form 2553 has never been filed for Xavier Corp. Which one of the following statements would be the most beneficial for Fran and Xavier in electing S corporation status? 

Fran should prepare the Form 2553 for filing, and elect S corporation status effective for January 1, 2023. 

Fran should prepare the Form 2553 for filing, and elect S corporation status effective for March 15, 2023. 

Fran should prepare a private letter ruling for Xavier requesting that S corporation status be granted as of their desired date of January 1, 2022. 

Fran should prepare the Form 2553 for filing effective January 1, 2022

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