partnership ordinary loss deductible against self employment income from guaranteed payments

[dolaco]

Are partnership ordinary losses deductible against self employment income taxes from guaranteed payments, if the partner has no more basis?  For example on a 1065 K-1, part 3, line 1 ordinary loss  shows -100 but on line 4 guaranteed payment shows 300, the software calculates line 14 self-employment earnings to 200.  Even if the partner has no basis.  But can a partner deduct ordinary loss of 100 from the 300 guaranteed payment when calculating SE tax on the 1040?  Even though the 100 ordinary loss is not deducted for income tax purposes.  Thank you

[sjrcpa]

Self employment income/loss is looked at for each year and is independent of basis. It sounds like the software is correct.