On a partnership tax return, all of the following are subject to special limitations and must be separately passed through to the partners, except:. a. Guaranteed payments
b. Charitable contributions
c. Long-term capital gains
d. Dividend income

The correct answer is A) Guaranteed payments.

On a partnership tax return, all of the following are subject to special limitations and must be separately passed through to the partners, except Guaranteed payments.

When talking about partners, guaranteed payments compensates partners for the services provided. Because they are partners and not employees, they need to get their money back in some form. That is when guaranteed payments enter. It is like the equivalent of a salary for them.  So if the investment profitability varies with time, the term "guaranteed" dos that, guarantee the payment regarding any variation.

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