Required information The following information applies to the questions displayed below.] Volunteer Corporation reported taxable income of $400,000 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 $112,500 and its tax and E&P basis to Volunteer was $54,000. Rocky assumed a mortgage attached to the land of $22.500. The company had accumulated E&P of $926,000 at the beginning of the year d. What amount of dividend income does Rocky report as a result of the distribution? Dividend income e. What is Rocky's income tax basis in the land received from Volunteer? Income tax basis