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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 3, 1985)
Page 12/The Battalion/Wednesday, April 3, 1985 jSurai mm aid purchase of homes Associated Press NEW YORK — Parents often are more able than they realize to help their children own houses. And in doing so, the parents might even ob tain tax deductions at the time in life when they need them most. The techniques involve creative use of income and gift tax laws and a measure of parental charity. The simplest way involves a gift of part or all of the downpayment, that chunk of money that young couples often find impossible to save. Each parent can give a child as much as $10,000 a year without pay ing any gift tax. The resulting $20,000 gift is more than enough to qualify for a mortgage on the typical new single-family house. If more cash is needed, the same gilts can be given to the child’s spouse, for a total of $40,000, which in many areas will buy the house it self rather than just a mortgage on it. Where does the money come? From the equity residing in the par ents’ home. The sharp rise in that equity — a consequence of years of inflation, especially in housing prices — is the very reason young people find it dif ficult to buy. Slouch By Jim Earle ‘Can we knock off this April Fool celebration pretty soon?” High court to rehear dispute Associated Press WASHINGTON — The U.S. Su preme Court said Monday it wanted to rehear arguments in a Texas dis pute over the authority of commu nities to exclude group homes for the retarded from residential neigh borhoods. The justices heard arguments in the case, which could yield a decision of great importance to the legal rights of the mentally retarded, on March 18. But Justice Lewis F. Pow ell did not participate in the session because he had not yet returned to work after an operation. Monday, the court ordered the lawyers involved in the Cleburne case to return on April 23 to reargue the case. The court’s decision could mean that the eight justices were closely di vided in trying to decide how state and federal courts must scrutinize any law treating the mentally re tarded differently from other peo ple. Hero: saving lives partof the job Associated Press SAN ANTONIO — Fire fighter Ron Hernandez says he’s no hero — saving three lives in the past five weeks is just part of his job. “I just happened to be at the right place at the right time,” said the 32-year-old firefighter, who has been dubbed “Super Ron” by his coworkers. Hernandez laughed Tuesday about his nickname, describing it as “a little agitation from the boys. It’s all in fun. Kind of hard to live it down.” The firefighter’s latest heroics came Sunday night when he res cued a woman from a would-be rapist. Hernandez said he was at work when he looked out a win dow and noticed a girl running up and down the street. “At first I didn’t think much,” he said. “Then I saw a car chas ing her. When 1 heard her scream, I went downstairs and got my partner.” Hernandez said he and Victor Bernal ran to a church parking lot near the fire station, where the assailant had tackled the woman and was beating her. Hernandez said he pulled the man off the woman. The man then fled the scene, the firefighter said. On Feb. 23, Hernandez pulled a 19-year-old blind man from a burning home. The fire fighter was hospitalized for four hours with smoke inhalation af ter the rescue. A week later, he was attending the birthday party of a friend's daughter when he was called on to save a choking child. The 3- year-old boy choked on cookies and cake and was unconscious, Hernandez said. He performed the Heimlich maneuver on the child and cleared his throat, re viving him. The rescues have won Her nandez two letters of commen dation from the San Antonio fire chief. Highway closes, era ends Lawmakers fast as group Associated Press The argument is both moral and economic: Parents who purchased houses 20 years ago benefited enor mously from price increases, but in many instances they did very little to earn those increases. In fact, it is often claimed that the reckless borrowing by that genera tion, individually and collectively, caused the inflation that priced youngsters out of the market. It is also believed that parents have a duty to “return” the equity. Parents who borrow on the equity in their homes receive tax deduc tions for the interest they pay. And the money they give their children is free of gift taxes and is tax-free in come for the children. Many variations of the theme ex ist, some of them described in the tax reports published by Prentice- Hall, the publishing company. OKLAHOMA CITY — U.S. 66, famed in song and story and once known as the Main Street of Amer ica, soon will be seen no more in Ok lahoma, the state Transportation Commission decided Monday. Travelers instead will find them selves on Oklahoma 66 or, where multi-lane highways have duplicated the former U.S. 66 route, on a free way designated only by its interstate number. “It’s a matter of cost,” said Monty C. Murphy, deputy director of the Transportation Department. “We have one interchange where there are 30 U.S. 66 signs.” Murphy said the historic 2,500- mile U.S. 66 route from Chicago to Los Angeles mostly has been re placed by the interstate system. He said the designation has been elimi nated through Illinois, most of Mis souri and California. “At a recent national highway meeting, we agreed to cooperate with the states of Arizona, New Mex ico, Texas, Kansas and Missouri to eliminate the unnecessary route du plication and sign maintenance cost on the interstate system,” Murphy said. He said the six states will submit the plan to eliminate U.S. 66 at a June meeting of the American Asso ciation of State Highway and Trans portation Officials. “If that is approved, that will be the end.” he said. Commissioner J.E. Carter of Law- ton called it “the demise of an era.” “It evokes a lot of memories,” Car ter said. “It’s sad.” The commission approved Mur phy’s proposal that four signs would be erected along the old U.S. 66 route to denote its historical signifi cance. The highway was the major east- west route from the nation’s midsec tion to California in the days of the Depression and the Dust Bowl. Rallying support for farmeis RC B 1 Sean K student b "The p believe it Royall sai release of The n into oftic year with About body tun Royall in margin. “This ■ only the dates bu Vol. 8( Associated Press ST. PAUL, Minn. — A group of Democratic legislators fasted for a second day Tuesday to rally support for a bill stalled in the Republican- controlled House that would halt all farm foreclosures in the state for one year. Twenty-six lawmakers, all mem bers of the Democratic-Farmer-La bor Party, signed a pledge to fast, maintain a vigil or support those who are fasting until the full House votes on the measure a third time Thursday. “It’s a symbolic attempt to show people who are living in uncertainty and real economic insecurity that there are people who care,” said state Rep. Todd Otis. “I realize it’s a symbolic thing.” The fasting lawmakers set up a ta ble outside the House chambers and at least three were staffing the table for three-hour shifts around the clock. The state Senate, where DFLers have a 42-25 majority, has twice passed legislation to impose a mora torium on farm mortgage foreclo sures. But the bill was overwhelm ingly defeated by a committee in the House, where the Republicans hold a 69-65 majority. Two unsuccessful attempts have been made on the House floor to override the committee action and bring the bill up for a vote by the full House. The last procedural vote ran strictly along party lines. Otis, 39, said he has taken only water and vitamin pills since joining the fast Monday, after about 200 farmers visited tne Capitol to round up support for the moratorium. Independent-Republicans argut that Democrats are playing politics “The DFL feels they aregoingio use this in the next election,'’ sak House Majority Leader Connie Len “They are calling for as many vote as possible ... to that end.” She said Republicans care abom the plight of farm families who art losing their farms because theycan'i pav their debts. “I don’t think anybody is unsym pathetic to anybody who is u[ against the wall, so to speak. It! heart-rending to find people in tte kind of a situation,” Levi said. But she said most Republicans lx lieve a moratorium will help only small minority of farmers. It wi hurt most of them, she said, becaust bankers will be more reluctant make loans if they lose their le ability to liquidate collateral. PARTMENT HUNTING GOT YOU SWAMPED? If you’re bogged down in your apartment search, don’t lose hope. Help is on the way! Now there’s Treehouse Village, a brand new community of one- and two-bedroom furnished and unfurnished apartments, including the popular two-bedroom roommate floor plan. Within walking distance to the A & M campus, Treehouse Village offers convenience and a wild assort ment of extras, including fireplaces TREEHOUSE VILLAGE- and washer/dryer connections in some units. Handicap units are available, too. And to soothe the savage in you after a beastly day of classes, relax in Treehouse Village’s two pools and hot tubs, or on the tennis, volleyball and basketball courts. Don’t settle for less. Hold out for Treehouse Village Apartments. Your haven in the apart- APARTMENTS LEASE NOW FOR FALL 1985 Treehouse Village Apartments. From $295. For information, visit the Treehouse Village Apartments Leasing Office at 800 Marion Pugh Blvd. College Station, Texas 77840 409/764-8892 Professionally managed by Callaway Properties. A1 C< in n< A co | led to BruceC ties' ha even th attorne Haul Gabriel t ided i of Goo and on Attornt told hi: learnec day. Cuac year’s guilty t to keep But ! the list and g; said he jury ir rich, 2( New Y after b “motiv; Kub been k VI p 51 AU legisla dorsei comm in Te: H. R< schoo “N( total belie v cation Larry spons the se “W of on tion, l ble di colleg Currie II t ation, look ; tion, tivem c By go tc oallo lege tils a In pred votei expe be a ttons leng Bi in C< tour n gs libra for i job.'