LO$\mathrm{.}6,7,13$ What is a guaranteed payment? How is it reported on Form $1065$ and its various schedules? How is it reported and taxed to the partner $($including taxes other than income taxes$)?$ Describe ways in which the tax treatment of a guaranteed payment for services differs from guaranteed payments for use of the partner$$s capital. When preparing a partnership return for a client, how do you think you could determine the classification of its guaranteed payments $($services or capital$)?$