Check my wo O Required information (The following information applies to the questions displayed below.) Tiger Corporation reported taxable income of $500,000 from operations this year. The company paid federal income taxes of $170,000 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Mike Woods. The land's fair market value was $75,000 and its tax and E&P basis to Tiger was $125,000. Mike assumed a mortgage attached to the land of $15,000. Any gain from the distribution will be taxed at 34 percent. The company had accumulated E&P of $750,000 at the beginning of the year, a. Compute Tiger's taxable income and federal income tax Taxable income Federal income tax