1. Arthur is the sole shareholder of a regular C corporation and Jane owns a sole proprietorship. In the current year, both businesses make a profit of $120,000, and each owner withdraws $75,000 from their business. With respect to this information, which of the following statements is incorrect? a. Jane's proprietorship is not required to pay its own income tax, separate from Jane, on it's $120,000 of profit. b. None of the choices presented are correct. c. Jane must report $120,000 of income on their tax return. d. Arthur must report $120,000 of income on their tax return. e. Arthur's corproation must pay income tax on $120,000