San Francisco Chronicle, July 20, 2011 by Joe Garofoli
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/07/20/MNCO1KCA06.DTL
“It makes more sense to think of these individuals as earning this as compensation. They’re not business owners. They’re getting this percentage of the returns that the company is making as compensation for their work. If it were paid as wages and salaries, they’d be taxed at ordinary income rates.”