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Show Page 4 HILL TOP TIMES Friday, December 3, 1982 News Briefs invest the money in another more expensive home Pamphlet 521, describing moving costs can be obr within four years of the sale, say Air Force legal of- tained from the IRS. Also, the base Legal Office is save The heroic efforts of two airmen trying to ficials. The tax term for the procedure is "rollover." available to help members determine what "expenses their fellow crewmember trapped in the to buy a new may be claimed. (Hotline Script 42) Civilians have a two-yeof their R0135 at Shemya AFB, Alaska, has residence and defer the capital-gain-period s tax. Up to Juearned the airmen one of the Air Force's most ly 20, 1981, civilians had an grace period 1983 selection boards announced the Cheney Award. Read to prestigious awards and defer the tax. The selection board schedule for the first half of about TSgts. David Gerke and Tommie Wood in The military member must remain on active du- Calendar Year 1983 has been released. First 'The Ordinary Men of Stone," and their terrifying ty during the r period to take advantage of lieutenants with dates of rank of Dec 31, 1981 or ordeal by fire in the December Airman. (AFNS) the longer grace period. Taxpayers must actually earlier will meet the captain indefinite reserve status use the house as the principal residence to qualify and regular Air Force appointment board beginthe capital-gain-s tax exclusion. 227 airmen selected under AECP forThe ning Jan. 24. The chief master sergeant and senior profit from the sale is not tax exempt. It's master airmen" have been Two hundred twenty-sevesergeant boards will meet Feb. 28 and April will defray selected for commissioning under the Airman just that under this provision the IRS 11, respectively. The chief high year tenure board recognition of the gain until the end of the allowed is scheduled Education and Commissioning Program. for Jan. 10. Medical and dental officers Under the program, selected airmen attend col- grace period. their eligible for major, lieutenant colonel and colonel will 'Airman' features 'men of stone' s fiery-cras- h ar 18-mon- re-inve- th st four-yea- . n leges and universities throughout the nation to earn their bachelor's degrees. The students receive staff sergeant pay and full benefits. All tuition and books are paid by the Air Force. After the airman receives a bachelor's degree, he or she then attends Officer Training School for a commission. The 227 airmen were chosen by a selection board AFB, that met in September at Wright-Patterso- n Ohio. A second board is scheduled to convene in February 1983, to select 223 more airmen to fill remaining fiscal 1983 authorizations. The average selectee was a staff sergeant 24 to 25 years of age. Average Air Force officer qualifying test scores for selectees were: officer, 68; verbal, 66; and quantitative, 68. The composite grade-poiaverage was 3.8 on a 4.0 scale. Future authorizations projected for the program include electrical, aeronautical, astronautical, nuclear, mechanical, industrial, and civil engineering fields. Additionally, authorizations are projected in the computer technology field, officials said. Interested members can find out more about the AECP program at the Education Office, Ext. 62710. (AFNS) Also, taxpayers 55 years or older can sell principal residence and exclude up to $125,000 of s the gain from their gross income. The provision can only be used once and the house must have been used as the seller's principal residence for three of five years prior to the sale. Tax is not paid on homes sold under this provision. (AFNS) tax on the profit from selling a home need not be paid by military members if they re Capital-gain- s below-the-zon- Members can recoup moving expenses Members completing permanent change of sta-tio-n moves can recover some expenses at tax time, even if they do not itemize deductions. By keeping careful records and filing Internal Revenue Service moving expense Form 3903, taxexpenses payers can recoup some of moving their households. Expenses incurred by a member on a house-huntin- g trip and temporary new the at lodging expenses duty station are valid moving expense adjustments. Other expenses for which the government does not reimburse the member may also be claimed. Examples are: the cost of additional insurance coverage, costs of shipping pets and charges for renting moving trailers. Members who keep a log during their PCS may find their expenses for travel, meals and lodging during the move exceed the amount the Air Force reimburses them. If so, the balance may be claimed by submitting IRS Form 3903 with their tax return. out-of-pock- for attache duty Apply now for defense are et attache duty Applications being Force Service. Air Air the Intelligence accepted by Force members, staff sergeant through chief master -- nt 'Rollover' to defer capital gains tax have their records reviewed by the central medical and dental board meeting April 5. The Heade quarters USAF nomination board promotion will meet March 21. The central major intermediate school and selective continuation boards are scheduled for May 16. The Air National Guard colonel federal recognition board will meet March 14. The Headquarters USAF colonel nomina tiori board begins June 13. (Hotline Script 42 non-reimburs- ; ed in administrative sergeant, holding a 7 or specialty 702XX or aircraft maintenance specialty 443172, and assigned to bases in the United States are eligible to apply for assignment to American embassies worldwide. Automatic concurrent travel and a civilian clothing allowance will be granted for those selected. Selectees will attend a attache training course at the Defense Intelligence School, Washington, D.C. and be given-- language training if needed. For more information contact or commerTSgt. Gary Gentry, Autovon cial (703) Headquarters AFISINH, Fort Belvoir, Va. 22060. (Hotline Script 42) el three-mont- h 354-603- 664-603- mm wmmm mmmm iimiii 6 6, "WF mil LEATHERDOWN GLOVES SKI PACKAGE $60 look "25" Bindings Vendreminl Boots S NOW YOU CAN CALL ANYWHERE OUTSIDE ON YOUR UTAH AND SAVE UP TO 50 E CALLS. jr - Tomic Ski , , n GLACIER GLAQGSG o REG. Til service $1.00 given to Toys for Tots for each sign up in Nov. & Dec. PUT ALL OF AMERICA AT ' YOUR FINGERTIPS AND SAVE. K 20.00 Chriatmasl k Now only $5.00 to Hill AFB Personnel 1st month service charge FREE . NOW c:ri v;i::Dc::inT Jr. Slzos r f SIGN UP TODAY AND YOU CAN START CALLING TODAY Adult Sizes Lots of sizes and colors! 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