$!$

Required information

$[$The following information applies to the questions displayed below.$]$

Volunteer Corporation reported taxable income of $$415,000$ from operations this year. During the year, the company made a distribution of land to its sole shareholder, Rocky. The land's fair market value was $$91,000$ and its tax and E&P basis to Volunteer was $$72,000.$ Rocky assumed a mortgage attached to the land of $$18,200.$ The company had accumulated E&P of $$790,000$ at the beginning of the year.

e$.$ What is Rocky's income tax basis in the land received from Volunteer?

Answer is complete but not entirely correct.

Income tax basis

$$,72,800$