Mr. White and Jesse Pinkman operate an illegal meth business partnership in New Mexico. All legally required New Mexico partnership documents were properiy prepared and filed by Better Call Saul, Esq. The Mr. White and Jesse's illegal meth cooking and distributing business partnership had a great year in 2018. After all legally allowable deductions, the partnership had taxable income of $5,000,000. The partnership distributed $2,000,000 to Mr. White and $1,500,000 to Jesse. The business retained $1,000,000 for future operations and working capital, and $500,000 of Jesse's 2018 income . 28. Professor Klein advises Mr. White and Jesse to report the illegal meth business partnership for income taxes purposes as: A. Limited Liability Company Disregarded Entity B. An illegal business is not required to report taxable income C. Partnership filing Form 1065 D. Trust filing Fiduciary Income Tax Return Form 1041 E. Corporation filing Form 1120 or 1120-s 9 Mr. White must report on his personal income tax return Form 1040 the following. A. $2,000,000, the cash he received B $2,500,000, his share of the partnership's income. C. Zero, illegal business income is not taxable D. $3,000,000, his income and the income not paid to Jesse. E. $500,000 30. A partner in a partnership or shareholder in a "S" Corporation is given the ollowing form by the partnership or S Corporation to help them with their personal tax reporting. A. Form 1099 - Dividend income B. Form 1099B - Proceeds from the sale of stocks or bonds C. Schedule C-Income from an unincorporated business. D. Form K-1 E. Form W-2