1099 - Box 7 or Box 3?

[Greg Widdicombe]

Last year we completed a flip as a profit sharing deal with a contractor.  We purchased and sold the property, paid holding costs, and paid for materials.  The contractor provided the sweat equity.  After sale, we cut a check and then reported the amount on a 1099 Box 7.  Is this the correct place to report proceeds from a partnership, where there is no guaranteed income?  Contractor requests we amend to a 1099 Box 3.