Guaranteed payments are included in the calculation of a partnership's ordinary business income (loss)and are also treated as separately stated items.

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Guaranteed payments are payments made to a partner for services or use of capital, and are included in the partnership's ordinary business income (loss) calculation. However, they are also treated as a separate item on the partner's individual tax return, so they are considered separately stated.

Guaranteed Payments Are Included in the Calculation of a Partnership's