S-Corp Start up Expense

[Acownt4it]

A new S-Corp has start up expenses and organizational costs incurred in 2007. They have not opened their doors for business yet and probably won't until June 2008.
Do I file a zero return with the Section 195 and Section 258 election with no $ amounts or do I not have to file a return for them this year and wait till 2008 to make these elections?

[BHoffman]

File return, but wait on elections

A new S-Corp has start up expenses and organizational costs incurred in 2007. They have not opened their doors for business yet and probably won't until June 2008.
Do I file a zero return with the Section 195 and Section 258 election with no $ amounts or do I not have to file a return for them this year and wait till 2008 to make these elections?

If they have an EIN, you have to file a return. Sounds like it will be a "zero" return.

Don't take any Sec 195 or 248 elections until the year the doors actually open.