Volunteer Corporation reported taxable income of $$410,000$ from operations this year. During the year, the company made a distribution of land to its sole shareholder, Rocky. The land's fair market value was $$80,000$ and its tax and E&P basis to Volunteer was $$57,500.$ Rocky assumed a mortgage attached to the land of $$16,000.$ The company had accumulated E&P of $$880,000$ at the beginning of the year.

a$.$Compute Volb. Compute Volunteer's current E&P$.$unteer's taxable income? and federal income tax?

b$.$ Compute Volunteer's current E&P$.$

c$.$ Compute Volunteer's accumulated E&P at the beginning of next year.

d$.$ What amount of dividend income does Rocky report because of the distribution?

e$.$ What is Rocky's income tax basis in the land received from Volunteer?