Required information [The following information applies to the questions displayed below.] Volunteer Corporation reported taxable income of $515,000 from operations this year. The company paid federal income taxes of $108,150 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 $75,500 and its tax and E&P basis to Volunteer was $45,500. Rocky assumed a mortgage attached to the land of $15,100. The company had accumulated E&P of $908,000 at the beginning of the year. a. Compute Volunteer's taxable income and federal income tax. Answer is complete but not entirely correct. Taxable income $ 515,000 Federal income tax $ 114,450