Guaranteed payments are the only items that are reported both as a deduction for ordinary income and as a separately stated item.

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Guaranteed payments are paid to partners for services they provide to the partnership, and they are deductible by the partnership as an ordinary business expense. However, they are also separately stated on the partner's Schedule K-1 because they are treated as payment for services rather than a distribution of partnership profits.

Guaranteed Payments Are the Only Items That Are Reported Both