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Volunteer Corporation reported taxable income of $500,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The lands 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. Any gain from the distribution will be taxed at 21 percent. The company had accumulated E&P of $750,000 at the beginning of the year.

a. Compute Volunteers total taxable income and federal income tax.

Total taxable income?

federal income tax?

b. Compute Volunteer's current E&P.

current E&P?

c. Compute Volunteers accumulated E&P at the beginning of next year.

accumulated E&P at the beginning of next year?