620 Homework 18-45 (modified) Upload your Excel solution to Canvas Worth 5 points Use the worksheet provided below [LO2] Volunteer Corporation reported taxable income of $500,000 from operations for this year. During the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The land's fair market value was $75,000 and its tax and E\&P basis to Volunteer was $25,000. Rocky assumed a mortgage attached to the land of $15,000. The company had accumulated E\&P of $750,000 at the beginning of the year. a. Compute Volunteer's gain on the distribution. b. Compute Volunteer's total taxable income and federal income tax. c. Compute Volunteer's current E\&P before the distribution. d. Compute Volunteer's current E\&P after the distribution. e. Compute Volunteer's accumulated E\&P at the beginning of next year. f. What amount of dividend income does Rocky report as a result of the distribution? g. What is Rocky's income tax basis in the land received from Volunteer? 620 Homework 18-45 (modified) Upload your Excel solution to Canvas Worth 5 points Use the worksheet provided below [LO2] Volunteer Corporation reported taxable income of $500,000 from operations for this year. During the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The land's fair market value was $75,000 and its tax and E\&P basis to Volunteer was $25,000. Rocky assumed a mortgage attached to the land of $15,000. The company had accumulated E\&P of $750,000 at the beginning of the year. a. Compute Volunteer's gain on the distribution. b. Compute Volunteer's total taxable income and federal income tax. c. Compute Volunteer's current E\&P before the distribution. d. Compute Volunteer's current E\&P after the distribution. e. Compute Volunteer's accumulated E\&P at the beginning of next year. f. What amount of dividend income does Rocky report as a result of the distribution? g. What is Rocky's income tax basis in the land received from Volunteer