1. Frank owns 100% of the stock of Sands, Inc. (a C corporation). In a tax year, Sands, Inc. has income before tax = $1,500,000. This is after Sands paid Frank a salary = $350,000. Sands, Inc. also paid dividends = $100,000. Sands is 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 $400,000 loss this year. What, from a tax perspective can Sands do?