In-Class BAC 442-Ch. 14 Corporate Nonliquidating & Liquidating Distributions this year. During the y Topp. Th 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 olunteer Corporation reported taxable income of $500,000 from operations for The company paid federal income taxes of $105,000 on this taxable income. ear, the company made a distribution of land to its sole shareholder, Rocky e land's fair market value was $75,000 and its tax and E&P basis to Volunteer Compute Volunteer's total taxable income and federal income tax. a. b. Compute Volunteer's current E&P c. What amount of dividend income does Rocky report as a result of the distribution? d. What is Rocky's income tax basis in the land received from Volunteer