Volunteer Corporation reported taxable income of $445,000 from operations this year. The company paid federal income taxes of $93,450 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The lands fair market value was $116,000 and its tax and E&P basis to Volunteer was $50,000. Rocky assumed a mortgage attached to the land of $23,200. The company had accumulated E&P of $918,000 at the beginning of the year. d. What amount of dividend income does Rocky report as a result of the distribution?