Jim and Jill jointly own and operate a consignment and collectibles shop. They are married, file a joint return, and both materially participate in the business. They are considering whether to be treated as a partnership or a qualified joint venture (QJV). For the first year of operation, the shop had gross sales of $100,000, cost of goods sold (CGS) of $35,000, and other expenses of $67,000. If the shop is treated as a QJV, what reporting forms would they receive and how would they report any income (loss) on their joint return?

a)  Separate reporting Form K-1s, separate Schedule Es

b)  No reporting forms, separate Schedule Cs

c)  Separate 1099-MISC's, separate Schedule Cs

d)  No reporting forms, one combined Schedule C