Based on the answers provided, the following corrections need to be made to the 3D object:

1. The object should be modified to consist of two overlapping circles with the same radius, instead of being a single elliptical shape.
2. Two smaller overlapping circles should be cut out from the original shape. Currently, the object is a solid shape without any cutouts.
3. The smaller circles that are cut out should be centered at the same point as the original shape.
4. The cutout of the smaller circles should create a hole in the original shape. Currently, there are no holes in the object.