QUESTION 1 5 points Save Answer Paul's friends, Duncan and Gurney have approached Chandi and Paul to see if they are interested in investing in a forestry business. The forestry business will not generate any assessable income for ten years but will incur deductible expenditure each year. Accordingly, the expectation is that tax losses will be incurred for about nine years. Chandi and Paul want to be able to utilise these losses against their other income as they are incurred but are also concerned about the commercial risk associated with owning forestry and personal liability should a forestry worker be injured. Accordingly, they agree to invest with Duncan and Gurney provided the forestry block is owned by a look-through company. They incorporate Elacca Forests Limited to acquire the forestry block on 25 September 2024. The shareholdings in Elacca Forests Lid are: Duncan 25% Gurney 25% Chandi 5% Paul 5% Chandi and Paul Family Trust 40% Chandi and Paul are de facto partners, otherwise the four individuals are unrelated. Chandi and Paul settled the Trust on 1 April 2024. Chandi, Paul, and lawyer, Thurston Hawat (a New Zealand tax resident) are the trustees. The beneficiaries are Chandi, Paul, their children, grandchildren, and any "tax charity". The trustees have not made any distributions to beneficiaries of the Trust. a) Will Elacca Forests Ltd satisfy the looked-through counted owner test requirements for being a look-through company (ensuring you identify each group of owners that are counted)? b) Assuming Elacca Forests Lid satisfies the look-through company counted owner requirement and its shareholders and directors will make the necessary elections, will it be eligible to be a look-through company ensure you identify any other criteria that must be satisfied)? c) Assuming Elacca Forests is eligible to be a look-through company from which income year can it become a look-through company and when must the election be filed by