Volunteer Corporation reported taxable income of $405.000 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 $99,500 and its tax and E&P basis to Volunteer was $63,500. Rocky assumed a mortgage attached to the land of $19,900. The company had accumulated E&P of $810,000 at the beginning of the year. a. Compute Volunteer's total taxable income and federal income tax. Total taxable income Federal income tax b. Compute Volunteer's current E&P. Current E&P c. Compute Volunteer's accumulated E&P at the beginning of next year. Accumulated E&P at the beginning of next 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