incentive allocation

[R. Butler]

Participant invests in a hedge fund set up as partnership. The partnership agreement provides that 20% of the income apportioned to the limited partners (participant) should be allocated to the general partner. The don't call this a fee, but rather an incentive allocation.

I understand the difference from a tax perspective, but for 5500 purposes do we call that incentive allocation a fee?

Thanks in advance for any guidance.

[My 2 cents]

If it looks like a duck and quacks like a duck...