@Sam Hopi
This is not an area that you should be handling by yourself; as is evident in that many of your questions have already been addressed.
As noted previously, this is a very technical area and highly scrutinized by the IRS. You need to have a one on one with a tax professional. The cost of not doing so could be significant; improper form completion, missed deadlines, incorrect election, incorrect timing, etc.
There are too many facts that need to be handled on a one on one basis. The questions you asked are just the tip of the iceberg and this forum is not conducive to handling questions in this manner; nor is it advisable.
Get professional input and help before you move ahead with any decision.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
