A partner's self-employment earnings (loss) may be affected by her share of ordinary business income (loss) and any guaranteed payments she receives. The impact of these amounts typically depends on the status of the partner. Which of the following statements correctly describes the effect these items have on the partner's self-employment earnings (loss)?

Multiple Choice

• General partner - only guaranteed payments affect self-employment earnings (loss).
• General partner - ordinary business income (loss) and guaranteed payments affect self-employment earnings (loss).
• Limited partner - only guaranteed payments affect self-employment earnings (loss).
• Limited partner - only ordinary business income (loss) affects self-employment income (loss).
• Both General partner - ordinary business income (loss) and guaranteed payments affect self-employment earnings (loss) and Limited partner - only guaranteed payments affect self-employment earnings (loss).