Hialeah Corp. is a calendar year S corporation. In the current year, one of Hialeah's lesser shareholders (<1%) sold his shares to another individual. Due to a mix up by the attorneys handling the sale, the shares were inadvertently transferred to a corporation as owner. As soon as reasonably possible, the shares were re-titled into the hands of the individual. Must Hialeah wait until the start of the fifth year to re-elect S corporation status? Multiple choice question. Yes; Hialeah must wait until the start of the fifth year. No; Hialeah should try and seek IRS consent for an earlier change in order to skip the 5-year waiting period. No; the termination will be automatically revoked when the shares are transferred back to the individual