the answer is not 374500

Required information [The following information applies to the questions displayed below.] Volunteer Corporation reported taxable income of $500,000 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 $75,000 and its tax and E\&P basis to Volunteer was $25,000. Rocky assumed a mortgage attached to the land of $15,000. The company had accumulated E\&P of $750,000 at the beginning of the year. d. What amount of dividend income does Rocky report because of the distribution