38. Sometimes partnerships make "guaranteed payments" to certain partners. All of the following statements are true with respect to guaranteed payments, EXCEPT:

a. These payments are made without regard to partnership income

b. These payments represent ordinary income to the partner

c. These payments are generally deductible in computing the partnership's ordinary income

d. These payments represent either a minimum return for a capital contribution or a minimum payment to a partner for services

e. All of the above statements are true