Required informotion Problem 18-45 (LO 18-2) (Algo) [The following information applies to the questions displayed below] Volunteer Corporation reported taxable income of $465,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder. Rocky. The land's fair market value was $122,000 and its tax and E\&P basis to Volunteer was $55,000. Rocky assumed a mortgage attached to the land of $24,400. The company had accumulated E\&P of $754,000 at the beginning of the year. Problem 18.45 Part a (Algo) o. Compute Volunteer's taxable income and federal income tax