! Required information (The following information applies to the questions displayed below.) Volunteer Corporation reported taxable income of $460,000 from operations this year. The company paid federal income taxes of $96,600 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 $112,000 and its tax and E&P basis to Volunteer was $32,000. Rocky assumed a mortgage attached to the land of $22,400. The company had accumulated E&P of $844,000 at the beginning of the year. a. Compute Volunteer's taxable income and federal income tax. Taxable income Federal income tax b. Compute Volunteer's current E&P. Current E&P Required information (The following information applies to the questions displayed below.) Volunteer Corporation reported taxable income of $460,000 from operations this year. The company paid federal income taxes of $96,600 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 $112,000 and its tax and E&P basis to Volunteer was $32,000. Rocky assumed a mortgage attached to the land of $22,400. The company had accumulated E&P of $844,000 at the beginning of the year. c. Compute Volunteer's accumulated E&P at the beginning of next year. Accumulated E&P at the beginning of next year