Please read this IRS Faq Sheet for more information on whether or not to make this election. As far as offering advice, this is a legal issue that we are not allowed to render opinions on because of the legal complexity of the issue, although I can comment that the FAQ sheet states this election can be made before the due date of the return.
In retrospect, this faq sheet should give you enough information for you to render your opinion based on your set of facts.
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