Volunteer Corporation reported taxable income of $500,000 from operations this year. The company paid federal income taxes of $105,000 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 $75,000 and its tax and E&P basis to Volunteer was $25,000. Rocky assumed a mortgage attached to the land of $15,000. The company had accumulated E&P of $750,000 at the beginning of the year. a. Compute Volunteers taxable income and federal income tax. b. Compute Volunteer's current E&P before the distribution. 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?