Waterfall / Sponsor Model - Accounting Questions

[Steven Segal]

We have a couple deals where we do 8% to capital and then a 50/50 split after than hurdle. I have a couple questions there:

1. Who gets the depreciation write-off? Does the general partner (sponsor) generally participate in that?

2. If you are paying out preferred rates, how do you generally book these? as guaranteed payments? Do you put into other expenses rather than having hang out in the equity account of distributions?

I've received sort of mixed messages from accountants on this.