The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $15,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results:

Sales revenue	$ 82,700
Gain on sale of land (1231)	7,700
Cost of goods sold	(39,200)
DepreciationMACRS	(12,500)
Employee wages	(15,200)
Cash charitable contributions	(3,200)
Municipal bond interest	3,750
Other expenses	(5,300)

(Negative amounts should be indicated by a minus sign.)

c. What do you believe Garys share of self-employment income (loss) to be reported on his year 1 Schedule K-1 should be, assuming G&P is an LLC and Gary spends 2,000 hours per year working there full time?