Partner Z (a calendar-year, cash basis taxpayer) performs services for the XYZ partnership (a FYE 9/30, accrual basis taxpayer) in September, 2020. In return, Z is to get a guaranteed payment of $50,000. XYZ pays Z the guaranteed payment in January, 2021. What tax year is the payment deducted by XYZ? What tax year is the payment included in Zs income?

Refer to the question above, Assume that XYZ is an equal 1/3 partnership and earns $230,000 of income before considering the guaranteed payment. How much income will Z have from the partnership in 2020?