Required information [The following information applies to the questions displayed below.] Volunteer Corporation reported taxable income of $405,000 from operations this year. The company paid federal income taxes of $85,050 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 $99,500 and its tax and E&P basis to Volunteer was $63,500. Rocky assumed a mortgage attached to the land of $19,900. The company had accumulated E&P of $810,000 at the beginning of the year. a. Compute Volunteer's taxable income and federal income tax. Taxable income Federal income tax