business income: K-1 or something else?

[KennyK]

can business income be anything else instead of K-1 income?

[HollyP]

Yes, business income can also be reported on a 1099-MISC or regular cash income with no tax form. Business income can also include bartering, real-estate rents, interest and dividends, cancelled debt, damages, or even kickbacks.

[KenK]

Hi Holly,  Thank you for your response.  Is there any advantage (tax savings) calling business income at end of year something else besides K-1 income to distribute to an owner?

Thanks so much,