Transfer of profit sharing shares (409(p) protective transfer))

[MPLSLAW]

S Corp ESOP transferred shares for a number of years to profit sharing accounts within the ESOP to avoid a non-allocation year under 409(p).  The company revoked the S election early in 2019.  Can they transfer the profit sharing shares back to the ESOP? 

Assume appraised value would be used for the transfers.

[ESOP Guy]

I don't recall ever seeing a definitive answer to this question.