On March 1, Mr. and Mrs. Trent formed Trent Properties Inc. through which to operate a real estate management business. Both Mr. and Mrs. Trent worked full-time for modest, but reasonable, salaries. In early December, the Trents estimated that the corporation would incur a $325,000 net loss for its first 10 months of operation. They decided to adopt a calendar year for Trent Properties Inc. and make an S election so that they could deduct the loss on their individual tax return. Can the Trents make an S election for Trent Property Inc.’s first taxable year?