Required information Problem 14-44 (LO 14-2) The following information applies to the questions displayed below Volunteer Corporation reported taxable income of $500,000 from operations this year. The company paid federal income taxes of $105,000 on this taxable income. 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. Problem 14-44 Part a a. Compute Volunteer's total taxable income and federal income tax Total taxable