9. Lynn and Nora own the LN Partnership. Lynn takes care of daily operations and receives a guaranteed payment for her efforts. Consider the following independent situations: (Click the icon to view the independent situations.) Requirement What amount and character of income will each partner report in each of the independent situations? Situation a. The LN Partnership reports a $12,000 long-term capital gain and no ordinary income. Lynn receives a $50,000 guaranteed payment plus a 30% distributive share of all partnership income after deducting the guaranteed payment. (Use parentheses or a minus sign for loss amounts. If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Allocation to partner: Source of allocation (1) Long-term capital gain (2) Guaranteed payment (3) Partnership ordinary loss Lynn Nora Total to partners Situation b. The LN Partnership reports $92,000 of ordinary income, before considering any guaranteed payment, and a $55,000 Sec. 1231 gain. Lynn receives a $44,000 guaranteed payment plus a 20% distributive share of all partnership income after deducting the guaranteed payment. (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Allocation to partner: Source of allocation Lynn Nora (4) 5) (6) Total to partners Situation c. The LN Partnership reports $140,000 of ordinary income before considering any guaranteed payment. Lynn receives 10% of partnership income but no less than $50,000. (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.)