c. Compute Volunteer's accumulated E\&P at the beginning of next year. e. What is Rocky's income tax basis in the land received from Volunteer? d. What amount of dividend income does Rocky report as a result of the distribution? b. Compute Volunteer's current E\&P. Volunteer Corporation reported taxable income of $490,000 from operations 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 $120,500 and its tax and E\&P basis to Volunteer was $55,500. Rocky assumed a mortgage attached to the land of $24,100. The company had accumulated E\&P of $934,000 at the beginning of the year. Compute Volunteer's taxable income and federal income tax