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Old 06-26-2008, 09:07 PM
BillsFan03 BillsFan03 is offline
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Join Date: Jun 2008
Posts: 1
Question IRA owned shares of corporation

My IRA owns shares in a c corporation. I was just notified that the corporation wants to elect Subchapter S status.

I didn't think an IRA could own S corp stock.

1) Can this company elect without my permission?

2) Can the company buy back my current stock even if I own other shares of this company outside of my IRA or would that be a prohibited transaction?
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