Module 7 Chapter 18 Homework Saved 3 Required information The following information applies to the questions displayed below points Volunteer Corporation reported taxable income of $500,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The land's 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. Any gain from the distribution will be taxed at 21 percent. The company had accumulated E&P of $750,000 at the beginning of the year 01.1207 a. Compute Volunteer's total taxable income and federal income tax Hint Total taxable income Federal income tax Prin References