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Question: The ABCD partnership agreement provides that D will receive 25% of partnership ordinary income before taking into account any guaranteed payment, but not less than $100,000. All capital gains will be split equally among the partners. For the year the partnership has $200,000 of ordinary income (before the guaranteed payment) and $80,000 of long term capital gains. How much is D's guaranteed payment? How much is her share of ordinary income? How much is her share of long term capital gains? How much, in total, of the ordinary income and long term capital gain will the other partners be allocated? What would your answer to the above questions be if D is to receive 25% of total partnership income before any guaranteed payment, but not less than $100,000, and the capital gains are not separately allocated?
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