Required information [The following information applies to the questions displayed below.) Volunteer Corporation reported taxable income of $485,000 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 $107,500 and its tax and E&P basis to Volunteer was $34.500. Rocky assumed a mortgage attached to the land of $21,500. The company had accumulated E&P of $936,000 at the beginning of the year. a. Compute Volunteer's total taxable income and federal income tax. Total taxable income Federal income tax Required information [The following information applies to the questions displayed below.] Volunteer Corporation reported taxable income of $485,000 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 $107,500 and its tax and E&P basis to Volunteer was $34,500. Rocky assumed a mortgage attached to the land of $21,500. The company had accumulated E&P of $936,000 at the beginning of the year. 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 $485,000 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 $107,500 and its tax and E&P basis to Volunteer was $34,500. Rocky assumed a mortgage attached to the land of $21,500. The company had accumulated E&P of $936,000 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 Required information [The following information applies to the questions displayed below.) Volunteer Corporation reported taxable income of $485,000 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 $107,500 and its tax and E&P basis to Volunteer was $34,500. Rocky assumed a mortgage attached to the land of $21,500. The company had accumulated E&P of $936.000 at the beginning of the year. d. What amount of dividend income does Rocky report as a result of the distribution? Dividend income Required information [The following information applies to the questions displayed below.) Volunteer Corporation reported taxable income of $485,000 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 $107,500 and its tax and E&P basis to Volunteer was $34,500. Rocky assumed a mortgage attached to the land of $21,500. The company had accumulated E&P of $936,000 at the beginning of the year. e. What is Rocky's income tax basis in the land received from Volunteer? Income tax basis