Doug,Kate,and Gabe Own Refiner Group,Inc Which of the Following Statements Is (Are)correct?
I

Doug,Kate,and Gabe own Refiner Group,Inc.,an electing S corporation.The shareholder's ownership percentages and fiscal year ends follow:
$$\begin{array} { l c l } & \text { Ownership } & { \text { Year End } } \\\text { Doug } & 60 \% & \text { January } 31 \\\text { Kate } & 20 \% & \text { May } 31 \\\text { Gabe } & 15 \% & \text { September } 30\end{array}$$ Which of the following statements is (are)correct?
I.Refiner Group,Inc.must use a calendar year.
II.Refiner Group,Inc.may elect to use a fiscal year ending January 31.
a.Only statement I is correct.
b.Only statement II is correct.
c.Both statements are correct.
d.Neither statement is correct.