1) As long as you follow the IRS Instructions for Form 3115, you should be able to answer all related questions correctly.
2) The tax year of change is the year when you intend to first apply the mark-to-market election. If you are filing Form 3115 to use on your tax year 2024 return, enter 12/31/2024 as the ending date. You can submit the form at any time. Your entries determine which tax returns are affected by the election.
3) The change affects the tax return for the year you choose and all subsequent returns. You don't need to file Form 3115 again unless you change your valuation method in the future.
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