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! Required information [The following information applies to the questions displayed below.] ...

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Accounting

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Required information
[The following information applies to the questions displayed below.]
Volunteer Corporation reported taxable income of $415,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Rocky. The land's fair market value was $91,000 and its tax and E&P basis to Volunteer was $72,000. Rocky assumed a mortgage attached to the land of $18,200. The company had accumulated E&P of $790,000 at the beginning of the year.
e. What is Rocky's income tax basis in the land received from Volunteer?
Answer is complete but not entirely correct.
Income tax basis
$,72,800
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