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PAGK.«-1M..\IM>F..\I.EH WEDNESDAY. APRII.lt . 1979 The Law Serves You spurgeon'$ Home Sale Can Reduce Tax Liability In some situations taxpayers can defer part or all of the tax liability from capital gains realized when they sell their home for more than it cost them. According to a new law effective as of July 26, 1978, taxpayers over the age of 55 may also have an additional tax break coming when they sell a personal residence. The Illinois State Bar association says the deferment on capital gains is available to all taxpayers who sell or ex­ change their personal residences and meet the following conditions: 1) The taxpayer purchases and occupies another residence within 18 months before or after the date of sale, or 2) The taxpayer begins construction or reconstruction of a new principal residence within 18 months before or after the date of sale, and occupies it not later than 24 months after the sale; or 3) The purchase price of the replacement residence equals or exceeds the sale price of the former residence. Up until July, 1978, the law limited homeowners to one such deferment every 18 months, but under the new law the homeowner will be allowed more than one deferment within 18 months if the homeowner moves for em­ ployment reasons. The capital gains tax applies to that portion of the sale price of the old residence, less selling expenses and "fixing-up" expenses, that is above the original cost of the residence. Expenses for "fixing-up" the residence for sale (painting, repairs, etc.) can be deducted from the sales price if they are performed within 90 days before the taxpayer contracted to sell the home and if the work was paid for within 30 days after the sale. A taxpayer who is 55 years of age before the date of sale may be able to exclude part or all of the gain on the sale of a residence from gross income. Due to the new "one time only" provision, the elderly can take an exclusion of up to $100,000 of profit on a home sale, ($50,000 in the case of a separate return by a married individual) in­ stead of the old tax benefit based on sales price. To qualify for the exclusion the taxpayer also must have owned and used the property sold as a principal residence for at least three years out of the five years preceding the date of sale. It is not necessary that the home is the principal residence a** the time of the actual sale, as long as the above condition is met. Montini Lists Top Students At the end of the third quarter of the school year, Montini Middle school had 87 students on its honor roll. Grade point averages for the honor roll are figured by dividing the number of honor points (A-4, B-3, C-2, D- 1, F-0) by the number of sub­ jects taken (usually seven or eight). A 3.00 ("B") average is the minimum standard for the honor roll. Top students cited are: 4.00- Brian Smith and Michelle Young; 3.88-Diane Knox, John Snyder and Patrick Ziebel; 3.86-Andrea Navarroli, Craig Kunz, Lori Kay Smith, Carol Snyder and Jim Leon; 3.75- Loriann Kostecki. Also 3.71-Amy Bassi, Michael Gorski, Michelle Schwanke, Robert Williams. Linda Thorson, John Norkett, Angie Nierman, Danielle Schiller, Kerry Porter, Patty Freund, Craig Faris, Valerie Gilbert and Charles Temple; 3.63- Peggy Coughlin, 3.57-Kdthleen Miller, Robin Irwin, Cynthia Kinsala, Daniel Peschke, James Mass, Tim Truckenbrod and Nora Fallon; 3.50-Ruth Pierce, Paula Hiller and Susan Beck. Twice Told Tales FIFTY YEARS AGO (Taken from the files of April 11, 1929) Anderson is the only known name of the chimney sweep and hobo who died at the city hall in McHenry from injuries received in a fall from a train. His address is unknown. Even in the hour of death he would not divulge any names or particulars relating to his past life, this being a characteristic of the hobo in general, and all the secrets of his early life and experiences of his later years passed away with him. The Rainbow Sweet shop has undergone some marked im­ provements during the last few weeks and is now equipped with the most modern and up-to-date furnishings. A large fountain has been installed with milk shake machines and other accessories. Charles and Gus Unti are the proprietors of the sweet shop. The McHenry American Legion auxiliary to Post No. 491 had as their guests the McHenry County Council of the American Legion auxiliary with guests present from Crystal Lake, Algonquin, Harvard and Woodstock. FORTY YEARS AGO (Taken from the files of April 20, 1939) Winnebago county's cour­ thouse at Rockford was a busy place when both Republicans and Democrats held judicial conventions to choose can­ didates for the election June 5 in the four counties which comprise the seventeenth judicial district, Lake, McHenry, Boone and Win­ nebago. The Republicans selected three candidates, two being present judges, Ralph J. Dady of Lake and Wm. L. Pierce of Boone; the third is Thos. E. Gill of Winnebago, to take the bench now occupied by Judge Fisher, if the voters so decide at the election. The contest in the convention was between Judge Pierce and State's Attorney Wm. M. Carroll of McHenry county. The fight for delegates resulted in a victory for Judge Pierce by a margin of seven votes. Jay Powers, who has been employed in National Tea stores in this vicinity for some time, has been given the management of the National store on Green street, taking over his new duties im­ mediately. TWENTY-FIVE YEARS AGO (Taken from the files of April 15, 1954) Voting in McHenry county's primary election was unusually light, despite ideal weather conditions and a number of hotly contested races for county offices. Approximately 13,000 Republican votes were cast in the county. Henry L. Cowlin was winner for county judge. Vernon W. Kays won for county treasurer. Harry C. Herendeen, Jr., was nominated for sheriff and A.B. McConnell was the high vote getter for representative in the Eighth district. From S.I.H. column: Jake Stoffel, Main street butcher, joined the crowd to watch the cattle auction at Hickory Creek last week. Somebody handed him a program card and he stood there waving it back and forth like a fan. What he didn't know was that the auctioneer interpreted each wave as a bid. Somebody woke up just in time or Jake would have been leading a $600 cow down the pike. TEN YEARS AGO (Taken from the files of April 9, 1969) More than 14,000 boys, aged 8 through 17, will be eligible to participate in four area-wide Scout-O-Rama programs which will feature demonstrations of skills of Cub Packs, Boy Scouts and Explorer Post. The Kish- waukee district will hold its activity at McHenry Junior high school. Science Fair '69 will be the center of attraction when St. Mary's Home and School association meets. Parents may view the exhibits of students which are on display in the all-purpose room of the school basement. June 1 has been set as the completion date for the city hall's new addition. On the street level the new structure will house the offices of the City Clerk, Finance department, Supt. of Public Works and water and sewer billing. There will be a reception room provided, as well as desk and telephone service for the four offices in the building. * * * • The good wife makes the load a little lighter- not heavier. VOTE *FOR* SMITH HLDERMHN WHRD3 NOW OPEN! McHENRY OPTICIANS 1001 RIVERSIDE DR. McHENRY, IL. (Across from the Fox Hole) GLASSES MADE WHILE YOU WAIT!* S.v. ONLY SENIOR CITIZENS RECEIVE iromcHASE OF LENSES Over 3,000 Frimts OnDisplay! ALL FRAMES Metol or Plostic OPEN 6 DAYS A WEEK 8:30 TO 5:30 CLOSED SUNDAY! (EYES EXAMINED DY APPOINTMENT ONLY) This Week! Easter Delights at 20%, 25%, even 30% Off! Save 25%! Famous Maker's 3-pc. Pantsuits Reg. $22 The big news is knit in terrific textures -- pointelles and stripes Nobody does them better than this famous name you' know. 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