Volunteer Corporation reported taxable income of $460,000 from operations this year. The company paid federal income...

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Volunteer Corporation reported taxable income of $460,000 from operations this year. The company paid federal income taxes of $96,600 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The land's fair market value was $112,000 and its tax and E&P basis to Volunteer was $32,000. Rocky assumed a mortgage attached to the land of $22,400. The company had accumulated E&P of $844,000 at the beginning of the year. d. What amount of dividend income does Rocky report as a result of the distribution? Dividend income e. What is Rocky's income tax basis in the land received from Volunteer? Income tax basis Volunteer Corporation reported taxable income of $460,000 from operations this year. The company paid federal income taxes of $96,600 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The land's fair market value was $112,000 and its tax and E&P basis to Volunteer was $32,000. Rocky assumed a mortgage attached to the land of $22,400. The company had accumulated E&P of $844,000 at the beginning of the year. d. What amount of dividend income does Rocky report as a result of the distribution? Dividend income e. What is Rocky's income tax basis in the land received from Volunteer? Income tax basis

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