Volunteer corporation reported taxable income of $500,000 from operations for 2010. the company paid federal incometaxes of $170,000 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 $75,000 and its tax and e& p basis to volunteer was $25,000. rocky assumeda mortgage attached to the land of $15,000. any gain from the distribution will be taxed at 34 percent the company hadaccumulated e843 of $750,000 at the beginning of the year. a. compute volunteer‘s total taxable income and federal income tax paid as a result of the distribution. b. compute volunteer‘s current e& p for 2010.c. compute volunteer’s accumulated e& p at the beginning of 2011.d. what amount of dividend income does rocky report as a result of the distribution? e. what is rocky's income tax basis in the land received from volunteer?