Required information Problem 07-45 (LO 07-2) (Algo) [The following information applies to the questions displayed below.] Volunteer Corporation reported taxable income of $470,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Rocky. The land's fair market value was $85,000 and its tax and E\&P basis to Volunteer was $58,500. Rocky assumed a mortgage attached to the land of $17,000. The company had accumulated E\&P of $780,000 at the beginning of the year. Problem 07-45 Part a (Algo) a. Compute Volunteer's taxable income and federal income tax