Volunteer corporation reported taxable income of $400,000 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 $112,500 and its tax and e& p basis to volunteer was $54,000. rocky assumed a mortgage attached to the land of $22,500. any gain from the distribution will be taxed at 21 percent. the company had accumulated e& p of $926,000 at the beginning of the year.1. compute volunteer's total taxable income and federal income tax.2. compute volunteer's current e& p.3. compute volunteer's accumulated e& p at the beginning of next year.4. what amount of dividend income does rocky report as a result of the distribution? 5. what is rocky's income tax basis in the land received from volunteer?