Volunteer Corporation reported taxable income of $495,000 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 $118,500 and its tax and E&P basis to Volunteer was $67,000. Rocky assumed a mortgage attached to the land of $23,700. The company had accumulated E&P of $858,000 at the beginning of the year. Problem 18-45 Part a (Algo) a. Compute Volunteer's taxable income and federal income tax. Answer is complete but not entirely correct. Taxable income $465,000 Federal income tax 97.755