Volunteer Corporation reported taxable income of $470,000 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 $85,000 and its tax and E&P basis to Volunteer was $58,500. Rocky assumed a mortgage attached to the land of $17,000. Any gain from the distribution will be taxed at 21 percent. The company had accumulated E&P of $780,000 at the beginning of the year. 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?