Jessica is a one-third owner in Bikes-R-Us, an S-Corporation that experienced a $45,000 loss in this (its first) year. If Jessica's stock basis is $10,000 at the beginning of the year, how much loss can she deduct? $45,000 $10,000 $15,000 $30,000 $0 Oak Corp., a calendar-year corporation, was formed three years ago by its sole shareholder, Glover, and has always operated as a C-Corporation. However, at the beginning of this year, Glover made a qualifying S-Corporation election, effective January 1. Oak had a zero balance in E&P at the effective date. On June 1, Oak Corp. distributed $15,000 to Glover. Before the distribution, Glover's basis in stock is $35,000. What is Glover's basis after the distribution? $35.000 $42.500 $27,500 $50,000 $20,000