Partnership General partner allocation

[equinecpa]

I recently completed a racing partnership return and am just wondering on the general partner income allocation. The general partner received the same income as the limited partners with the exception of a management fee he also received.

Should the management fee be considered a guaranteed payment and subject to SE income and then the balance of income he received be treated like that of a limited partner?

Thanks

Carolyn

[Gretel]

If this partnership is not a LLC a general partner's share of income is 100% subject to SE, no matter how you call it. However, I would expect to see GP for a general partner, otherwise it wouldn't be fair, if he is doing all the work and gets the same amount of profits as the limited partner.