Peter, a 25% partner in Gold & Stein Partnership, received a $20,000 guaranteed payment in the current year for deductible services rendered to the partnership. Guaranteed payments were not made to any other partner. Gold & Stein's current-year partnership income consisted of:

Net business income before guaranteed payments	$80,000
Net long-term capital gains	10,000

What amount of income should Peter report from Gold & Stein Partnership on his current-year tax return?

a. $37,500

b. $27,500

c. $22,500

d. $20,000