1. Another client, a limited partner in Weep4Us, LP, just received her K-I which shows a tax loss of $60,000. Her basis in the LP is $70,000. Explain what she can do with the loss.

2. Another client has two children, ages 3 and 4, who are in childcare. She pays $8,000 a year for both. Her income is $50,000. She is a single mom. Explain her two credits.

3. Steve is self-employed. Last year his net self-employment income from is business was $140,000. Compute his SE.

4. Mom has several rentals for college students. She hires a management firm to manage and collect the rents. Her Schedule E shows a loss of $20,000. Discuss the tax consequences.