! Required information [The following information applies to the questions displayed below.] Volunteer Corporation reported taxable income of $455,000 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 $123,000 and its tax and E&P basis to Volunteer was $45,000. Rocky assumed a mortgage attached to the land of $24,600. The company had accumulated E&P of $820,000 at the beginning of the year. a. Compute Volunteer's total taxable income and federal income tax. Answer is complete but not entirely correct. Total taxable income Federal income tax $ 533,000 $ 181,220