QUESTION 14 During the current year, Skylark Company had operating profit of $160,000. In addition, Skylark had a long-term capital loss of $10,000. Toby, married filing separate, is the sole owner of Skylark Company. Please answer the following questions. Do NOT enter commas in your numbers. Do NOT enter negative sign or brackets for loss amount. Type the word none if the amount is zero. Do not enter the number 0 or you will be marked wrong! Scenario 1: Skylark is a single-member LLC reporting on Schedule C. Toby does not withdraw any funds from the company during the year. a. Toby will show how much income on his 1040 Schedule C? b. Toby will deduct how much capital loss on his 1040 assuming he has no other capital gain and losses? Scenario 2: Skylark is a C-corporation, and Toby does not withdraw any funds from the company during the year. c. What is the total amount Toby will show on his 1040 for the year from Skylark? Scenario 3: Skylark is a regular (C) corporation, and Skylark makes a cash distribution of $100,000 to Toby during the year. d. Toby will report how much income on his 1040 for the year from Skylark? e. Skylark Corporation will report taxable income of how much for the year on their Form 1120? Scenario 4: Skylark is a regular (C) corporation, and Skylark pays a salary of $100,000 to Toby during the year. Show the income reported by Toby on his individual income tax return from Skylark Company. f. Toby will report how much income on his 1040 for the year from Skylark? g. Skylark Corporation will report taxable income of how much for the year on their Form 1120?