Required information The following information applies to the questions displayed below. 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 election for Oak Corp., effective January 1. Oak Corp. did not have any C corporation earnings and profits on that date. On June 1, Oak Corp distributed $15,000 to Glover. What is the amount and character of gain Glover must recognize on the distribution, and what is his basis in his Oak Corp stock in each of the following alternative scenarios? (Leave no answer blank. Enter zero if applicable.) a. At the time of the distribution, Glover's basis in his Oak Corp. stock was $35,000. Amount Gain Stock basis