Required Information The following information applies to the questions displayed below. Pine Corp., a calendar-year corporation, was formed three years ago by its sole shareholder, Connor, who has always operated it as a C corporation. However, at the beginning of this year, Connor made a quallifying S election for Pline Corp. effective January 1. Pine Corp. reported $70,000 of C corporation earnings and profits on the effective date of the S election. This year (its first S corporation year), Pine Corp. reported business income of $50,000. Connor's basis in his Pine Corp. stock at the beginning of the year was $15,000 What is the amount and character of gain Connor must recognize on the following alternative distributions, and what is his basis in his Pine Corp. stock at the end of the year? (Leave no answer blank. Enter zero if applicable. Enter N/A if not applicable.) b. Connor recelved a $60,000 distribution from Pine Corp. at the end of the year. Character Amount Stock basis