Lydia and Ellen own the LE Partnership. Lydia takes care of daily operations and receives a guaranteed payment for her efforts. What amount and character of income will each partner report in each of the following independent situations?

The LE Partnership has no ordinary income and reports a $100,000 short-term capital gain.

Lydia receives a $40,000 guaranteed payment plus a 40% distributive share of all partnership

income after deducting the guaranteed payment.