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 lands 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. The company had accumulated E&P of $792,000 at the beginning of the year.

A) Compute Volunteers total taxable income and federal income tax.

B) Compute Volunteer's current E&P.

C) Compute Volunteers accumulated E&P at the beginning of next year.

D) What amount of dividend income does Rocky report as a result of the distribution?

E) What is Rockys income tax basis in the land received from Volunteer?