Required information Problem 18-41 (LO 18-2) [The following information applies to the questions displayed below.] 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 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 18-41 Parte e. What is Rocky's income tax basis in the land received from Volunteer? Income tax basis