Partnership Income. (Obj. 2) Which of the following are separately stated partnership items? Business bad debts Foreign taxes paid Tax-exempt interest Guaranteed payments Net Section 1231 loss Depreciation recapture Interest income from business activities Partnership Charitable Contributions. (Obj. 2) Leona and Calley operate a placement service as partners, sharing profits and losses equally. During the current calendar year, the partnership contributes $3.000 to Calley's alma mater. State University. The partnership treats this contribution as an expense in computing its $47,500 profit from operations. Is the partnership entitled to treat the contribution to State University as a deduction from ordinary income in the partnership return? What is each partner's distributive share of ordinary income from the partnership? Can each partner claim a deduction on her personal income tax return for the contribution the partnership made to State University? If so, how much? Guaranteed Payments. (Obj. 2) What are guaranteed payments to partners and how are they treated by the partnership and the partner