Required information

Problem $22-67($LO $22-5)($Static$)$

$[$The following information applies to the questions displayed below.$]$

Oak Corporation, a calendar$-$year corporation, was formed three years ago by its sole shareholder, Glover, and has always operated as a Corporation. However, at the beginning of this year, Glover made a qualifying $S$ election for Oak Corporation, effective January $1.$ Oak Corporation did not have any C corporation earnings and profits on that date. On June $1,$ Oak Corporation distributed $$15,000$ to Glover.

What are the amount and character of gain Glover must recognize on the distribution, and what is his basis in his Oak Corporation stock in each of the following alternative scenarios?

Note: Leave no answer blank. Enter zero if applicable. If the answer is $"0",$ select "None".

Problem $22-67$ Part c $($Static$)$

c$.$ At the time of the distribution, Glover's basis in his Oak Corporation stock was $$0.$

$\backslash$table$[[,$Amount,Character$],[$Gain$,,],[$Stock basis,,$]]$