Required information The following information applies to the questions displayed below Volunteer Corporation reported taxable income of $435,000 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 $87,000 and its tax and E&P basis to Volunteer was $62,000. Rocky assumed a mortgage attached to the land of $17,400. Any gain from the distribution will be taxed at 21 percent. The company had accumulated E&P of $792,000 at the beginning of the year. a. Compute Volunteer's total taxable income and federal income tax. Total taxable S 410,000 income Federal income tax $ 86,100 b. Compute Volunteer's current E&P. Current E & P 323,900 .Compute Volunteer's accumulated E&P at the beginning of next year. cumulated E&P at the beginning of next year $ 1,115,900