1. Frank owns 100% of the stock of Sands Inc. (a C corporation). In a tax year Sands Inc. has income before tax =$1500000. This is after Sands paid Frank a salary = $350000. Sands Inc. also paid dividends = $100000. Sandsis Franks only source of income.a. How much self-employment income will Frank report this tax year?b. What is the characterization of the different forms of income received from Sands?c. Will Sands receive any tax deduction for money paid to Frank?d. Suppose instead of a profit Sands had a $400000 loss this year. What from a tax perspective can Sands do?