2. (not included in the expenses above) Dividend income from IBM During its first year of operation, Tom and Jerry's new business reported the following: Sales revenue Cost of goods sold Other operating expenses Payment to Tom for running the business $ 400,000 100,000 160,000 80,000 2,000 Capital loss on sale of IBM stock (5,000) Charitable contribution 10,000 Distribution to Tom and Jerry Note payable to the bank at the end of the year 5,000 each 20,000 For each of the entity types below, how will each of the items above be treated by the entity for tax purposes? Be sure to note any carry-forwards that might arise. (Note - since this is their first year of business, there are no carrybacks.) Do not address the tax consequences to the owners - that's in the next question.